Toyota Pakistan aka Indus Motor Company (IMC) has announced that it has suspended bookings for all cars at the moment. Due to current uncertain and volatile market conditions, the order intake for all Toyota models has been closed till further notice,” the company said in a statement.
In a notification issued by Toyota Pakistan, the company has directed all its dealerships to suspend the bookings for call cars / models until further notice. The development comes in light of the political crisis in the country that has resulted in a rapid devaluation of the Pakistani Rupee against the US Dollar.
The decision made by Toyota Pakistan to suspend bookings is not unexpected considering the Pakistani Rupee has devaluated over 10 percent since March 4 as it reaches an all-time low of Rs. 188.18 at the closing of the inter-bank market as per the State Bank of Pakistan (SBP).
Since automotive manufacturers import major parts to assemble vehicles in Pakistan, the continued descent of the Pakistani Rupee against the US Dollar has put a lot of pressure of these automotive manufacturers leading them to suspend bookings indefinitely.
Kia Suspends Bookings
It is pertinent to mention that Kia Lucky Motors has already suspended bookings for its most popular models, including Kia Picanto, Kia Sportage, and the locally assembled Kia Stonic. It is expected that other automotive companies will follow the two companies if the market condition remains the same.