LAHORE – Indus Motor Company (IMC) is all set to increase the prices of all vehicles by 7 per cent due to the depreciation of the local currency against the dollar.
“Increase in prices of vehicles is inevitable. You will see an upward revision in the prices of all cars within a week or so. It is unavoidable due to considerable increase in production cost owing to unprecedented depreciation of rupee”, said IMC chief executive officer Ali Asghar Jamali while talking to a group of journalists at a local hotel on Wednesday afternoon.
“The impact of a recent change in the exchange rate on prices is approximately 9 per cent. We are trying our level best to absorb the impact of the appreciation of the dollar by adopting austerity measures and enhancing localisation. Hopefully, we will manage to cover up to 2pc impacts and the remaining will be passed on to the customers”, he said, adding that there was no other option but to increase the prices of vehicles.
