- Toyota Indus Motor Company (IMC) reported the lowest monthly sales figure in nearly three years.
- According to the most recent update, the company only sold 1,803 cars last month.
- The automakers also cited the State Bank of Pakistan’s (SBP) refusal to provide letters of credit.
No one is spared from the ongoing economic turbulence, as Toyota Indus Motor Company (IMC) reported the lowest monthly sales figure in nearly three years, following Pak Suzuki.
According to the most recent update, the company only sold 1,803 cars last month, the lowest sales total since June 2020, when it only sold 547 vehicles owing to COVID-19-related problems.
According to the research, the reduction is due to irregular manufacturing shutdowns and a lack of completely knocked-down (CKD) kits. The automakers also cited the State Bank of Pakistan‘s (SBP) refusal to provide letters of credit (LCs) for the clearing of imported goods.
Honda’s Plant Shutdown
Honda has decided to halt vehicle production for more than 20 days.
The official announcement cites supply chain disruption owing to economic degradation, as well as restrictions on raw materials and CKD imports, as the reasons for the lengthy stoppage.
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The auto industry is also feeling the effects of the rupee depreciation due to its reliance on imports. The SBP’s LC limits are generating import delays and inventory rate increases. As a result, the local economy is in disarray.
