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Wednesday, June 12, 2024

Toyota halts bookings for a second time amidst uncertainty

Toyota Indus has closed the bookings for all its models due to the economic uncertainty and unstable market situation.

The company had also suspended its bookings last month for two weeks, and now once again has postponed all its reservations. Since last month the politics of the country has emerged with new dynamics and a massive shift in its gears has resulted in greater instability and uncertainty in the country. Moreover, the government is still trying to adjust the economic situation and policies to stabilize the economic crackdown and the free fall of the Pakistani currency.

Meanwhile, the crashing stock market, huge dollar exchange rate against the local currency, and massive inflation is largely effecting the masses. Likewise, in almost a week the dollar exchange rate has risen from 190 to an all-time high of 195.65. Similarly, if the exchange rate crosses 200, the country’s economy will shatter completely.

Read more: Toyota motors once again increases prices of cars

Furthermore, this has affected the imports and the cost of raw materials of all the automotive companies. As a result, many companies either increased the car prices or closed their bookings. Like all other companies, Toyota Indus would also not take any new orders for all the models till further notice. However, the company has confirmed to deliver all the previously booked vehicles according to their expected delivery dates.

Additionally, if other companies would also halt their bookings an instability and chaos would be seen in the markets. Moreover, if the country’s political and economic situation remains the same it is expected to see a great down fall of the auto industry in Pakistan.  Moreover, the massive price hikes and inflation has made the cars beyond the reach of the masses as they tend only to afford their basic necessities.

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Conclusively, the current political and economic situation in the country has also made the locals reluctant to invest in the auto industry.