Indus Motor Company (IMC) is the manufacturer of Toyota automobiles in Pakistan has decided to offer refunds to customers who have experienced delays in delivery. Profithas been confirmed this by Asghar Ali Jamali who is the the Chief Executive Officer of IMC. “We offer customers the option of availing an entire refund, including interest. If they decide not to take this option (refund) then they must be patient for at least 3 (more) months after the date of delivery to them on their Provisional Booking Order Form, and (also) take the difference because of the currency exchange”, Jamali said.

The decision is likely to be announced shortly and, as per IMC is aimed at assisting customers in this current issues. Profithad previously reported on the way that SBP’s (SBP) extended mandate over letters of credit imports ckd has caused panic in the auto market.

This all comes in a period when companies attempted to agree on a quota of imports of ckd as well as a relief of the penalty KIBOR+3 they were liable for under the Auto Industry Development and Export Policy (AIDEP 2021-26).

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Profithad sought out local Toyota dealerships regarding the wait times for different Toyota models to comprehend why the delay was so long and found the following:

This is possibly indicative of the end of Pakistani automobile industry’s current Renaissance.

It is not known if other car manufacturers will follow similar steps or if it is a separate initiative on the part IMC.