The Toyota car manufacturer in Pakistan, Indus Motor Company (IMC), has made the decision to begin providing refunds to clients who experience delivery delays. The current economic disruption may force Toyota Indus to stop all production activities.
The situation might only be temporary, according to Profit by Pakistan Today, because Toyota IMC will refund customers for orders they have already placed, but it won’t cancel orders if the customer accepts a delayed delivery of the vehicle and is willing to pay an additional difference because of exchange rate fluctuations.
Chief Executive Officer at IMC. “We will give customers the option to avail a refund with the full interest. 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”, Jamali said.
The depreciation of the rupee, which also contributes to disruptions in vehicle production and late deliveries, is a major factor.
The State Bank of Pakistan (SBP) has restricted the opening of Letters of Credit (LCs) in an effort to close the trade deficit, which has caused some companies to halt production operations. This restriction has had an impact on the automotive industry.
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