Automaker begins refunding customers’ reservation fees

ISLAMABAD: An automaker has begun refunding booking fees to customers, stating that the current economic climate makes it difficult for the company to continue operating. Given that the company’s output will continue to be “extremely low” in February and March, Toyota has provided the option for a complete refund in addition to the interest amount.

The government must take action to bring political stability, harmonise trade relations with neighbouring nations, and take advantage of daylight hours to cut down on oil imports and save money on electricity, according to Ali Asghar Jamali, chief executive officer of the Indus Motor Company, which manufactures Toyota cars in Pakistan.

Speaking to the media in Islamabad on Friday, he said that the auto industry has suffered catastrophically as a result of the current import restrictions on completely knock-down (CKD) kits. We are currently compelled to work at 40 to 45 percent of our capabilities. Complete plant closures and complete non-production will be unavoidable unless these limits are loosened, he continued.

He claimed that these choices will further harm the sector given the nation’s precarious economic situation. “The rupee’s prolonged decline will raise manufacturing costs, which will restrain manufacturers’ bottom lines in the ensuing quarters due to decreased volumes, demand and supply concerns, and low margins,” he added.