Toyota Indus Motors to halt production, offer refunds
Indus Motor Company (IMC) will reportedly be halting its production operations in Pakistan and those who booked their cars will get their advance payments back.
Chief Executive Officer at IMC, Asghar Ali Jamali, confirmed the reports about offering refunds to customers facing delays in deliveries. He said that the company will be offering the customers to avail a refund with full interest.
Those who do not want a refund 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.’
According to PakWheels.com, the announcement regarding the delayed production will most likely be announced next week.
The recent devaluation of the Pakistani rupee has forced the State Bank of Pakistan to impose restrictions on the opening of Letters of Credit (LC) to several sectors, including the auto industry.
Due to the SBP’s restriction, companies are facing issues with production, resulting in delayed deliveries.
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