IMC to Offer Refunds to its Customers
Indus Motor Company (IMC), the assemblers of Toyota cars in Pakistan, has decided to start offering refunds to customers facing delays in deliveries, according to a report published in Profit.
The report cites Asghar Ali Jamali, the Chief Executive Officer at IMC, who said:
“We will give customers the option to avail a refund with the full interest. In case they choose not to opt for 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.”
He added that IMC is centered on facilitating its customers amidst the current supply chain situation whereas the refund decision is expected to be announced soon.
Auto parts makers and vendors have been facing production challenges due to the restrictions imposed by the State Bank of Pakistan (SBP). The industry says it has been encountering a production crisis following the curbs put in place through Circular #09 of 2022. The SBP issued the circular on 20th May introducing a mechanism that required prior approval of the central bank for the import of certain goods. The circular also demands letter of credit (LC), registration/ amendment contract, advance payment, and authorizing transactions on an open account or collection basis.
According to information, the current waiting time on bookings of Toyota Corolla stands at 5 months, for Yaris its 3/4 months and for IMVs (Fortuner & Hilux) its around 5/6 months. It is yet unknown whether other assemblers will follow suit to offer refunds to their customers.