Another round of price rises is expected to hit the Pakistani auto sector, with Toyota IMC likely to lead the charge.
During Toyota Indus Motor Company (IMC) CEO Ali Asghar Jamali's quarterly performance review, he claimed that price increases are necessary due to increased pressures from global logistical issues, rising freight costs, and declining local currency.
When asked when the next price increase will take place, Jamali said:
The corporation is attempting to postpone price increases until at least June 2022. The corporation, on the other hand, is currently examining this strategy and will make a final decision within a week.
According to Jamali, the corporation is going toward local production to maintain pricing stability. He claimed that the firm is concerned about its customers' requirements and is working to keep the price rise to a minimum.
He went on to say that owing to rising automobile prices, the auto industry's entire sales volume is projected to shrink by 15 to 20% in the next two years.
Previous rules allowed Toyota IMC to spend heavily in the development of hybrid electric vehicles (HEVs), but now a better strategy is needed to assist the auto industry combat growing operational expenses.