Toyota Indus Motor Company (IMC) has taken note of the ongoing economic volatility and has suspended booking for all of its cars. The automaker has cited the Pakistani rupee (PKR) instability and political tension as reasons for the suspension.
This is the second time Toyota IMC has suspended bookings within two months. It hasn’t shared a resumption timeline due to the unpredictability of the ongoing situation.
More Suspensions Incoming
Economists worry that Pakistan’s economy is on a collision course and has created a wave of anxiety among various industries including the auto sector. Last month, car sales witnessed a noticeable decline due to due to booking suspensions announced by various car brands due to similar reasons.
Industry sources say that all automakers are keeping tabs on the current situation. They speculate that with PKR’s value trudging dangerously close to Rs. 200, more car companies will suspend bookings for an indefinite period.