Crisis-ridden national economy and a sharp rise in inflation has also affected the local car industry. Meaning, automakers are bearing the brunt of the prevailing situation.
Toyota Indus Motor Pakistan (IMC) has observed the record lowest sales in two years – a 60 percent decline in July 2022.
A company official has revealed that the company sold 2,375 CKD units (Corolla, Yaris, Fortuner, Hilux) in July 2022. Sales dropped due to production limitations imposed by SBP, he added. Mind you, this is the first time the company sold less than 2500 units in 2022.
And surprisingly, the worst figures are yet to be exhibited. The company witnessed the least figures in May 2020 – sold only 500 units. It took place during a countrywide lockdown when COVID 19 hit the boundaries.
Toyota Indus Announces 100% Refund
Toyota Indus Motors has made an announcement that they will be reimbursing 100% advance bookings along with mark-up to their customers in case of order cancellation.
The company issued an official notice on 27th July 2022 declaring that they are willing to pay back the whole advance payment to their customers due to delays and uncertainties in delivery dates. This reimbursement will also include a mark-up payment. The mark-up will be paid from the date of the receipt of payment by the company to the date of cancellation of the offer. No administration costs will be charged.
Toyota has stated that the deliveries might be pushed back 3 months due to the devaluation of the Rupee and restraints in LC issuance. The company said it is working closely with the government to minimize the delay problems.
There was already news of the company shutting down production operations in Pakistan due to the current economic situation.
What do you think about the ongoing situation in the Pakistan auto industry? Drop your thoughts in the comments section.
Firstly these car manufacturers has the huge advance money for car booking from which they are taking huge interest from the bank now the dollar Rupee parity is coming down the value of the profit is increasing more than 30% on those advance bookings . Secondly they have increased the prices making a reason for shortage of CKD kits increased there profit by 20% to 30 % . Thirdly now they will create a shortage intentionally so to create demand . This cartel or association of manufacturers or suppliers with the purpose of maintaining prices at a high level must be stop.
@ Mr. Saad
Dear brother, please note that I.M.C. is offering a full refund, including the amount of interest, to customers who do not want to wait for their cars. Therefore, I suggest that when write about advanced booking payments held by businesses you also mention this fact, otherwise it is a tohmat and spreading it around is legally a crime.