The Toyota car manufacturer in Pakistan, Indus Motor Company (IMC), has decided to provide reimbursements to clients who experience delivery delays. Asghar Ali Jamali, the CEO of IMC, confirmed this. “We’ll offer clients the chance to receive a refund that includes all interest.” If consumers decide against this (refund), they will have to wait at least three more months from the delivery month specified on the provisional booking order form and (also) pay the price difference resulting from the current exchange rate environment, according to Jamali.
According to IMC, the decision is focused on helping customers in light of the present supply chain scenario and is anticipated to be made soon. Profit had previously written about how the State Bank of Pakistan’s (SBP) expanded mandate over letters of credit for CKD imports had sparked panic in the automotive industry.
All of this occurred when automakers were attempting to negotiate a quota for CKD imports and an exemption from the KIBOR+3 penalty that would have been imposed on them in accordance with the Auto Industry Development and Export Policy (AIDEP 2021-26).
This action may signal the end of the current car renaissance in Pakistan’s automotive industry.
It is unknown if other automakers will take a similar measure or if IMC would take this independent of other automakers.