Toyota IMC’s Market Share Witnesses Huge Growth in Q1 FY22
The Indus Motors Company (IMC) Limited has, yet again, reported a remarkable growth of 59.67 percent on a year-over-year (YOY) basis in its market share in the first quarter of the fiscal year 2021-22 (Q1 FY22). During Q1 FY21, the company sold 11,809 vehicles, whereas, in Q1 FY22, it sold 18,855 units.
This was revealed during the Toyota IMC’s Corporate Briefing Session held on Tuesday to analyze the company’s financial results in the Q1 FY22 and to discuss its current standing and future strategy with the participants.
Toyota IMC also highlighted that the growth in the overall vehicle sales has also been astounding, as the new companies such as Hyundai have also sold a relatively large number of units in the Q1 FY22. The sales of non-PAMA (Pakistan Automotive Manufacturers Association) vehicles have also climbed by a significant degree
According to Toyota IMC, the recent sales figures of automakers from Q1 FY22 are as follows:
|Automakers||Sales During Q1FY2021 (CKDs and/or CBUs)||Sales During Q1FY2022 (CKDs and/or CBUs)||Percentage Change|
During a Q&A session, Chief Executive Officer Toyota IMC, Ali Asghar Jamali, highlighted that the company has been at an advantage in terms of coping with the chip shortage crisis, as it has a decent amount of inventory in stock. He stated that the chip shortage will not be of any consequence for the company at least until mid-2022.
Regarding the impending price hikes, Jamali stated that it could happen as soon as the very next day. He said that the costs of copper, sheet metal, resin, and other raw materials have exponentially gone up, raising the cost of production. He added that the deteriorating value of the local currency is a matter of concern for the entire industry including Toyota IMC.