UMW Toyota Motor (UMWT) has issued a press statement confirming that there would be “no planned increase in the prices of Toyota CKD (locally-assembled) models at this time”.
While the motivation behind the statement is unclear, it’s reassuring to know that UMW Toyota has committed to maintain existing prices in light of the recent upward adjustment by Honda Malaysia of between 5% to 8% on selected models, citing a ‘review on the CKD customised incentives’ which the company enjoys.
UMW Toyota also reiterated that the Ministry of Finance had given assurance that if the price of any CKD model was affected as a result of the transparent methodology of reporting Open Market Value (impacting the excise duty calculation) which had come into effect early in the year, the increase would be fully exempted for 2020.
Ravindran K, President of UMW Toyota, said that factors such as exchange rates and tax revisions can affect prices but as far as possible, UMW has always tried to maintain price stability by absorbing the increases as much as possible.
The CKD models in UMWT’s current line-up are the Toyota Yaris, Toyota Vios, Toyota Rush, Toyota Hilux, Toyota Fortuner, Toyota Innova and Toyota Hiace.