Indus Motor Company (IMC), commonly known as Toyota has increased prices on its entire lineup, confirmed the company on Friday. The price hike comes after the tax rate increase announced by the government as a part of the mini-budget.

The company said that the new prices of Toyota have taken effect from January 20. The new rates will also be applicable on all bookings made before January 20.

The prices have been increased by a minimum of Rs66,000 and a maximum of Rs493,000.

Following are the new prices of Toyota Yaris, Corolla Altis and Fortuner models.

Toyota Corolla

The prices of Corolla Altis Grande X CVT 1.8 and Corolla Altis Grande X CVT 1.8 B have gone up by Rs100,000. These variants will now be selling for Rs4.17 million and Rs4.2 million, respectively.

The price of Corolla Altis X Automatic 1.6 rose Rs85,000 to Rs3.53 million.

The price Corolla Altis X CVT-i 1.8 has gone up by Rs93,000. The new price of this variant is Rs3.87 million.

The manual version of Corolla Altis X 1.6 has seen a price hike of Rs81,000. Its new price is Rs3.38 million.

Toyota Fortuner

The price of Fortuner 2.7 G has increased by Rs390,000. The SUV is now available at Rs8.56 million from Rs8.17 million.

Fortuner 2.7 V has witnessed a price hike of Rs452,000 and will cost Rs9.94 million against the old price of Rs9.48 million.

Another Rs500,000 was added to the price-tag of Fortuner 2.8 Sigma 4. The variant, which was available at Rs9.91 million, will cost Rs10.39.

The price of Fortuner Legender Diesel saw the highest increase of Rs493,000. This variant will now cost Rs10.84 million.

Toyota Yaris

Toyota Yaris ATIV CVT (Hi) and Yaris GLi CVT (Lo) will now be selling for Rs2.91 million and Rs2.81 million, respectively.

The new price tag of Yaris ATIV X CVT (Hi) and Yaris ATIV MT (Hi) are Rs3.17 million and Rs2.97 million with an increase of Rs76,000 and Rs71,000, respectively.

The price of Yaris GLi M/T (Lo) has increased by Rs63,000, and will be available at Rs2.61 million against the old price of Rs2.54 million.

Why did Toyota increase car prices?

The company has cited the government decision to hike taxes as the reason for the price increase. It has passed on the burden of increased taxes to customers.

However, expert believe another price hike is imminent but a lot depends on the economic growth and the buying power of consumers.

Muhammad Sabir Shaikh, chairperson Association of Pakistan Motorcycle Assemblers (APMA says the company will again increase prices in April. “The company will monitor if the sales are satisfactory, and they may then increase prices in mid-March or April.”

He further said that the price hike will not impact the company’s sales as potential customers can still afford the car even if the price goes up. Apart from that, people prefer to buy Toyota cars due to their popularity, he said.

Toyota Car sales in December

According to the data shared by Pakistan Automotive Manufacturers Association (PAMA), the company sold 1,971 units of Toyota Yaris, showing a 0.2% decline on a month-on-month.

Toyota Fortuner sales also went down 42% on a month-on-month basis and only 422 units were sold in December.

Toyota corolla sales, however, rose 14% to 3,180 units in December due to high demand.