Toyota Car Bookings Suspended, Once Again
Last month, Toyota Indus closed the bookings for all its car models for about two weeks. A month later, the company has suspended the bookings once again due to the same reasons of “economic uncertainty and volatile market situation”. Here are the details.
Political and Economic Instability
It’s been a month since the political body of Pakistan shifted gears. The new government is still adjusting to the economic situation and calculating its moves. Meanwhile, the stock market is crashing, dollar rate is going through the roof, and inflation is suffocating the masses.
In a week, the dollar rate has climbed from 190 to an all-time high of 195.65. God forbid it crosses 200, the country’s economy will fall into pieces.
As all car companies import major parts, they have to experience the effects of the forex rate first-hand. The slipping of rupee puts pressure on the companies, forcing them to hike the car prices or close the order intake.
Delivery of Booked Toyota Cars
Although Toyota won’t take new orders for its cars until further notice, the company will deliver the already booked vehicles as per their schedule.
We are expecting other companies to follow Toyota’s lead and halt the bookings for their cars. That will lead to more chaos in the local auto market, but the chaos is inevitable.
Let’s see what happens with the political and economic situation in the country and how things turn out with the auto industry. The best thing we as public can do is to sit tight and wait for the situation to settle. For the time being, don’t invest in anything and don’t book any car. Spend your hard earned money on the day to day necessities. Stay away from making any big purchases unless you have no other choice. We are in this together.