UMW Toyota Motor (UMWT) is informing customers that there are no planned increases in prices of Toyota CKD (locally-assembled) models at this time. The company is probably making this statement in view of the speculation of prices going up as Honda Malaysia recently announced increases for some of its models.

While it was reported earlier that there will be no price increases for CKD models, this only refers to any effect from the transparent methodology of reporting the Open Market Value (OMV). The Finance Ministry gave assurance that if any CKD model was affected by increased prices as a result of the calculations, the amount of increase would be fully absorbed/exempted by the Finance Ministry during 2020.

Nevertheless, as we also pointed out in the earlier report, it does not mean that prices will not change at all in 2020 due to other factors. Ravindran K, President of UMWT, said that factors such as exchange rates and tax revisions can affect prices. “As far as possible, the company has always tried to maintain price stability by absorbing the increases as much as we can,” he added.

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.

For the current prices of the various models, visit www.toyota.com.my or any authorised dealership and UMWT branch nationwide.

Finance Ministry gives firm assurance that new reporting methodology will not increase vehicle prices during 2020