Indus Motor Company (IMC), the makers of Toyota Corolla in Pakistan, has temporarily suspended order bookings of their vehicles amid recent depreciation of Pak Rupee against the US Dollar.
According to the notice published in the newspapers, there has been a substantial increase in government duties, cost & freight and cost of imported components & raw materials, due to which the company is in process of evaluating the impact. IMC will resume the bookings with revised prices once the situation is stabilized.
The recent depreciation of Pak Rupee against the US Dollar is expected to bring a massive increase in prices of cars in Pakistan. Other automakers including Suzuki, Honda and FAW are also expected to announce their revised prices soon, however it is yet to be seen if they plan to temporarily halt the bookings as well.