Here is a piece of shocking and bad news for car lovers, Toyota Company has halted its booked cars. As you know, Toyota is one of Pakistan’s best leading and trustworthy firms that maintain customers’ happiness through exceptional services. After Kia Lucky Motors, Now Toyota Indus has stopped booking its full lineup of the new vehicles following the achievement of the biggest monthly sale in over two decades. In this article, we will discuss why Toyota suspends New Cars Booking in Pakistan.
Toyota Indus statement:
As per the official notification, Toyota company stated that the booking of all cars has been ceased for the time being. The order intake for all Toyota vehicles has been closed until further notice due to the current unpredictable and turbulent market situation. The company severely limiting the consumer’s choice has instructed its dealership to cease booking all its new car models.
This incident comes due to the country’s political instability which has resulted in the rapid depreciation of Pakistani rupees versus the US dollar. According to the state bank of Pakistan, the Pakistani rupee has dropped by more than 10% of its value and is now at the lowest point in its history.
Why does Toyota suspend new cars booking?
An automobile industry seasoned analyst Ali Khizar recently tweeted that bookings of cars have been suspended by the car manufacturer. They are assessing the state of the currency market. The most common exchange rate is PKR/USD 185. If the PKR does not stabilize, expect another round of increase.
The car industry has been affected the most by the depreciation of the local currency. The continued decrease in Pakistani rupees versus the US dollar will result in a lot of the price increases this year. The volatile exchange rate put a direct impact on car manufacturers Because they import crucial components from abroad.
