After celebrating the highest monthly sales in almost two decades, Toyota Indus Motor Company (IMC) has suspended bookings for its entire lineup of cars.
In an official notification, Toyota has instructed its dealerships to suspend bookings for all models indefinitely, citing the “current uncertain and volatile market conditions”.
A Viral Spread
Toyota IMC is not the only automaker to suspend bookings for its vehicles. Recently, Lucky Motor Corporation (LMCL) suspended bookings for its best-selling Kia models namely, Picanto, Sportage, and Stonic.
A veteran automotive industry analyst Ali Khizar has just tweeted the following:
Car assemblers have started suspending booking. They are evaluating currency movement. Mostly have priced at PKR/USD 185.
Expect another round of increase if PKR to not stabilise— Ali khizar (@AliKhizar) April 7, 2022
During a quarterly performance review last month, CEO of Toyota IMC Ali Asghar Jamali said that automakers must increase prices due to global logistical challenges, and increasing freight costs.
He, along with other experts, believes that the local currency depreciation has had the most devastating impact on the car industry. They speculate that a continuous nosedive of the Pakistani Rupee against the US Dollar will result in a number of price hikes this year.
The global supply chain and economic turmoil have caught up to the Pakistani car industry which has begun transferring its effect to the end customers.
