Toyota IMC Also Predicts a Massive Drop in Sales and More Price Hikes
Indus Motors held a corporate briefing session today to discuss its financial results for the 3rd quarter of the 2022 fiscal year (3QFY2022). The automaker expects a 25 to 30 percent drop in sales in FY2023 due to rising car prices, interest rate hikes, and consumer finance tenure restrictions.
IMC highlighted that around 26 percent of the company’s total sales come from auto financing. Due to macro uncertainty, the company has closed bookings of all its variants till Jun 10, 2022.
Impending Price Hikes
Toyota IMC management also stated that it will announce more price hikes to pass on the cost impact to the consumers as current car prices are not sustainable at an exchange rate of over Rs. 200.
Rising Sales and Hybrid Technology
The company has sold 57,367 units up until the 9th month of FY2022, recording a 33% increase in sales on a Year Over Year (YoY) basis.
It further shared its plans to launch the locally assembled Toyota Corolla Cross to enter the hybrid car market in FY2023.
Recommendation to Government
In the upcoming budget, Toyota IMC has requested the government to reduce Federal Excise Duty (FED) on vehicles and provide incentives to local vendors for the manufacturing of high-tech parts and bolster the local value chain.