Toyota Indus Motor Company (IMC) has issued an official notification to clarify the reports that state the company plans to shut down production in Pakistan for an indefinite period. According to the notification issued to Pakistani Stock Exchange (PSX), the company has refuted such rumors regarding plans to shut down production for a long period.
Update: Toyota IMC Announces Full Refund With Mark-Up On Order Cancellation.
“The company would like to clarify that as of today, there are no plans fixed for a complete plant shutdown for more than two weeks in the month of August 2022.” said the Toyota IMC. “The production schedule of the company and any non production days (NPDs) remain contingent on a number of external and variable factors.” it added.
Toyota IMC said that it is actively monitoring the production process and operations, and is closing working with the government and State Bank of Pakistan (SBP) to alleviate the present challenges as it struggles to get approval of Letter of Credits (LCs) for import of Completely Knocked Down (CKD) kits.
It is pertinent to mention that Toyota has also observed two weeks of non-production days (NPDs) in June and July in order to cope with slow CKD imports as the government plans to keep the ban on imports of automobiles in order to recover the country’s trade deficit and save precious foreign reserves.
However, it is pertinent to mention that Toyota has confirmed delay in delivery of vehicles and CEO Ali Asghar Jamali told Profit that IMC was going to refund customers who did not want to wait for extended period. “We will give customers the option to avail a refund with the full interest.” he told the publication.
“In case they choose not to opt for this (refund), they will have to wait at least 3 (more) months from the delivery month given on the Provisional Booking Order Form and (also) pay the price differential due to the exchange rate situation.” he added.
Read more: Toyota To Shut Down Production in Pakistan For Indefinite Period.
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