ISLAMABAD: Toyota Indus Motors Company has announced to refund 100% of the deposited amount along with a mark-up payment on booking cancellation while Pak Suzuki Motor Company has denied the shutting down of its plant.
In a statement circulated on Wednesday, Toyota Motors said that it is facing unprecedented difficulties in its operations due to factors beyond its control.
“Taking the economic challenges and uncertainty into consideration, customers who wish to cancel their order bookings will be refunded 100% of the deposited amount along with a mark-up payment.”
The company further stated that mark-up shall be paid from the date of receipt of payment by the Company to the date of cancellation of the order, without any deduction of administrative charges.
In light of this uncertainty, the tentative delivery timelines mentioned in the PBO for pending orders are being provisionally pushed back by at least 3 months. The price prevailing at the time of delivery shall continue to be applicable.
“We extend our sincere apologies to all the customers who are facing delays with their orders due to these unforeseen circumstances and would like to reassure our valued customers that we are working closely with the Government and the regulatory authorities to minimise the delay as much as possible,” company stated.
The statement highlighted that the unforeseen devaluation of the Pakistani Rupee, coupled with the Government restrictions, including the LC approval constraints rendering it impossible to import CKD kits without prior permission, and the continuing financial instability have led to a force majeure situation.
Due to the current conditions, IMC’s production has been radically disrupted and we are unable to produce the requisite units as per full capacity, resulting in the delay in tentative delivery schedules.
Meanwhile, Suzuki Motor Company has rejected the speculation and news about the shutting down of its production unit in Karachi.
Pak Suzuki Motor Company not shutting down its plant
Suzuki Motors has clarified that there is no plan for plant shutdown. It said, “The production schedule of the company and any non-production days remain contingent on a number of external factors. The company is monitoring its production and operations and working with the government and SBP to alleviate the presence challenges.
However, in case of any material update regarding this matter, it will be timely communicated to the stock exchange as per the requirement of the listing regulations, company said.
Suzuki Motors also pointed out that the State Bank of Pakistan has introduced a mechanism for prior approval for import under HS code 8703 category, including the CKDs since May 20, 2022, which has negatively impacted clearance of import consignments from the ports.
