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Toyota IMC Responds to News About Production Shutdown

Toyota Indus Motor Company (IMC) has issued an official response to the reports about an extended production shutdown. In an official notification to Pakistan Stock Exchange (PSX), the company has refuted reports regarding its plans to shut down production for more than two weeks.

The notification states:

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. The production schedule of the company and any non production days (NPDs) remain contingent on a number of external and variable factors. The company is actively monitoring its production and operations, and is closely working with the government and SBP to alleviate the present challenges.

The company had previously announced NPDs to cope with slow CKD imports. The latest reports suggest that IMC will refund customers who had booked cars in the recent past.

Toyota IMC CEO Ali Asghar Jamali made the following statement in this regard:

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.

Despite the explanation, however, production has slowed down considerably, which is likely to impact car sales negatively in the near future.

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