Toyota Pakistan Stops Booking New Cars
After celebrating the highest monthly sales in almost two decades, Toyota Indus Motor Company (IMC) has suspended bookings for its entire lineup of cars.
A Viral Spread
Toyota IMC is not the only automaker to suspend bookings for its vehicles. Recently, Lucky Motor Corporation (LMCL) suspended bookings for its best-selling Kia models namely, Picanto, Sportage, and Stonic.
A veteran automotive industry analyst Ali Khizar has just tweeted the following:
During a quarterly performance review last month, CEO of Toyota IMC Ali Asghar Jamali said that automakers must increase prices due to global logistical challenges, and increasing freight costs.
He, along with other experts, believes that the local currency depreciation has had the most devastating impact on the car industry. They speculate that a continuous nosedive of the Pakistani Rupee against the US Dollar will result in a number of price hikes this year.