Indus Motors cuts car prices

KARACHI: Indus Motors announced Wednesday that they will reduce the prices of Daihatsu Cuore and Toyota Corolla Sedans effective December 29, 2010. The reduction ranges between Rs15000 to Rs40k per vehicle. The Company spokesperson added over last several months IMC has made major capital investments amounting Rs 2 billion in the phase-2 of Press Shop project and also in the engine assembly and testing facilities.

These projects are now reaching implementation and start-up stage that enables the Company to pass the benefits of enhanced localisation and assembly to our valued customers, accruing from these projects. The price reduction will be valid on all orders, received after December 29, 2010. The new selling price of the popular Corolla Xli will be Rs1,337,000 down from Rs1,354,000 and the new price of Gli will be Rs1,462,000 from the previous price of Rs 1,479,000.
The Altis MT (including sun-roof variant) price will be reduced by Rs35,000. Altis AT (including sun-roof variant) will be reduced by Rs40,000. Daihatsu Cuore prices will be reduced by Rs 15,000 across the range of vehicles.

It may be recalled that the auto industry and the GOP have been in dialogue over car prices for some time. Weakening of the economic environment in the post floods scenario and strengthening of Yen adversely affected the business profitability for the Company to consider any price reduction earlier.
IMC is grateful to the Ministry of Industries and the Engineering Development Board for their support which has enabled IMC to pass the benefit to the customers. -Online