Indus Motor Company (IMC), the assemblers of Toyota-brand vehicles, plans to launch its crossover SUV Corolla Cross in Pakistan in 2023 as per the schedule, and it seems like the economic crisis of Pakistan would not affect the decision. Despite estimates that car sales will see a decline of 50% sales in the fiscal year 2022-23. The expected price of the Toyota Corolla Cross would be around Rs.13-14M, the price could go much higher at the time of launch due to dollar inflation.
Indus Motor Company, CEO Ali Asghar Jamali said at an event last week that “sales can drop to as low as 160,000 cars in the fiscal year 2023 if suspension on import of completely knocked down (CKD) units persists”.
Indus Motor launch Corolla, However, even if the restrictions are lifted, Jamali did not see car sales crossing 200,000 cars in the ongoing fiscal year. According to him, the demand for cars has reduced significantly for several reasons including restrictions on financing, inflation, and a hike in prices. “Despite these challenges, the company will launch Corolla Cross as per plan next year,” he said. Automobile sales plunged 50% in the first quarter (July-September) of the fiscal year 2022-23 to 28,571 units against 57,539 sold during the same period last year. The company pledged to invest $100 million in the local production of hybrids last year.
When asked about the high prices of cars, Indus Motor launch Corolla, the CEO said that the auto industry has implemented a high level of...
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