UMW Toyota Motor (UMWT) has announced that there are no planned price increase for CKD locally assembled Toyota models “at this time”. UMWT’s CKD line-up consists of the Toyota Yaris, Vios, Rush, Hilux, Fortuner, Innova and Hiace.
“Earlier in the year, the finance ministry gave assurance that if any CKD model was affected by increased prices as a result of the transparent methodology of reporting the open market value (OMV), the increase would be fully absorbed/exempted by the finance ministry during 2020,” the company said in a statement.
“Factors such as exchange rates and tax revisions can affect prices, but as far as possible, the company has always tried to maintain price stability by absorbing the increases as much as we can,” said UMWT president Ravindran K.
On February 21, Honda Malaysia’s announced an increase in sticker prices for the locally assembled Jazz, City and CR-V, which are up by 5.3% to 9.25%. Honda said that the changes were caused by a review of customised incentives for its CKD models, and that it was not related to the OMV/excise duty valuation change issue that surfaced this year.
What’s this OMV/excise duty issue about? More on that here and here.
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AI-generated Summary ✨
Comments express relief that there will be no planned price hike for CKD Toyota models, with some praising UMW for not increasing prices amid complaints about high car costs in Malaysia. Several comments criticize the high prices of Japanese cars, especially Toyota, comparing Malaysian prices unfavorably to the US and Japan, attributing the inflated costs to GLC ownership and greed. There is also frustration over the high vehicle prices, safety concerns, and the impact on consumers’ finances.