LAHORE: Toyota Indus Motors has announced a price increase of Rs 370,000 for its Corolla Altis 1.8. The 7% increase in price is a jump from Rs 5,269,000 to Rs 5,639,000.
All orders as of November 28 with full payment paid on or before December 20, 2022 will be invoiced according to the previous price. The increase in the Altis 1.8’s price makes it the ninth vehicle in Toyota’s portfolio to see a price increase in the month of November alone.Â
The three variants of Corolla namely Altis X 1.6 M/T, Grande 1.8 CVT (Beige) and Grande 1.8 CVT (Black) have not experienced price hike yet.Â
The reason behind this price hike is likely the same as before: Toyota’s soaring loss of Rs 3.3 billion in Q1FY23. The company saw its sales revenue collapse by 76% from Rs 5.42 billion in Q1FY22 to Rs 1.29 billion in Q1FY23. Had it not been for its Rs 5.16 billion from its other income, Toyota would have ended the quarter with a complete loss altogether. Perhaps that’s why Toyota continues its current strategy of introducing price hikes piecemeal rather than blanket increases across its portfolio.Â
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