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There is a possibility of price increases next year if Perodua can no longer absorb the impact from foreign exchange. This was shared by Perodua president and CEO Datuk Aminar Rashid Salleh at the launch of the company’s “Dude, That’s My Car!” book in KL this morning.

Aminar admitted that company is impacted by the ringgit’s weak performance against major currencies like the US dollar and Japanese yen (MYR is the worst performing currency in Asia this year) and Perodua has been absorbing the the added cost of imports, mostly transacted in the above two currencies.

“Until it’s impossible to absorb, there is a possibility that we may have to increase prices,” Aminar said. “We have not made a decision yet,” he however stressed, urging consumers to take advantage of the year end deals offered by Perodua. “Jangan tunggu, datang sekarang. Tahun depan tak tentu lagi,” he said.

The P2 head also elaborated on the situation, saying that as a national car company, Perodua has many objectives. Although profits are important to any business that has shareholders, there’s is the element of social responsibility to consider. “The question is how do we balance this,” he said.

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In September, Tan Sri Asmat Kamaludin, group chairman of Perodua stakeholder UMW Holdings, said that costs have increased for imported cars and components, but current car prices will be held for as long the car companies can take it due to the market being very competitive.

“We have been impacted. To give you figures, it’s 2 to 3% of our bottom line [profit before tax] two to three months ago; now it’s 5%,” he said then. The ringgit most recently closed at 4.2115 to the greenback and 3.4350 to 100 Japanese yen, according to Bank Negara figures.

Forex issues aside, Perodua is on course to achieve its 2015 sales target of 208,000 units, which if successful, will be the brand’s best ever performance in a calendar year. Should Perodua hit the mark come year end, it would have also maintained its market leading position, comfortably.