Here is the latest news, Indus Motor Company has once again hated the booking for all its car models in Pakistan. According to the company officials, Toyota Indus closed the booking of cars due to economic uncertainties and unstable market conditions.
Booking Suspended twice in two months:
Toyota IMC has suspended bookings for the second time in less than two months due to the volatility of the current circumstances of the country. The company also suspended its booking for two weeks last month and has once again postponed all its car bookings. It has not yet provided a resume timeline.
Reason for Booking Suspension:
The primary reason behind the suspension of all vehicle bookings is the country’s political and economic instability. This happened when the new government failed to deal with the current situation after taking power after removing former Prime Minister Imran Khan in a no-confidence vote. The new regime is still adjusting to the country’s economic situation. while the stock market is collapsing, the dollar rate is skyrocketing, and the people are being suffocated by inflation.
The dollar rate has risen from 190 to the peak of 195.65 in just one week. Toyota’s decision to halt all automobile reservations has not anticipated because all automotive companies import vehicle’s major components. Therefore, the falling rupee imposes pressure on companies. As a result, they forced to raise automobile prices or stop taking orders.
Delivery of Booked vehicles:
Toyota will stop taking new orders for all its Toyota cars until further notice. But it will deliver the vehicles on-time that have already been reserved. Other companies are likely to follow Toyota’s lead. They will suspend their car bookings in the coming days until economic and political conditions stabilize. Let’s see what happens with the country’s political and economic condition, as well as how the auto sector does.
