Toyota discontinues taking advance orders due to rupee devaluation

By MG News | October 12, 2018 at 05:36 PM GMT+05:00

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October 12, 2018 (MLN): The Indus Motor Company which operates under the name of Toyota Indus in Pakistan has made a public announcement that the company will not be taking advanced order bookings until further notice, due to the recent depreciation in PKR value.

The public notice released today revealed that rupee devaluation has resulted in substantial cost increase on account of C&F, government duties and taxes, imported components and raw material for local parts.

The company is in the process of evaluating the impact of the same and once the situation stabilizes, they will resume order bookings under new pricing.

On Tuesday October 9, 2018, the rupee value against dollar plummeted by around PKR 9.37 per USD or 7.5%, at the interbank market following the government’s announcement to approach the International Monetary Fund (IMF) for a bailout.

A formal request for financial assistance was extended to the IMF yesterday.

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