Tag: IMC

  • Toyota manufacturer in Pakistan halts car production amid parts shortage

    Toyota manufacturer in Pakistan halts car production amid parts shortage

    Indus Motor Company (IMC), the manufacturer of Toyota vehicles in Pakistan, has declared a temporary shutdown of its production plant for a duration of six days.

    The decision stems from the company’s concern over low inventory levels and a shortage of essential components, as disclosed in a formal notice submitted to the Pakistan Stock Exchange (PSX).

    The notice specified, “Based on the current low level of inventory of manufactured vehicles and the shortage of parts and components for vehicle manufacturing, due to supply chain challenges, the company has decided to close its production plant from March 6th, 2024, to March 11th, 2024 (both days inclusive).”

    Pakistan’s automotive sector is grappling with various challenges, including the nation’s sluggish economic growth, surging inflation rates, and elevated borrowing costs, all of which are contributing to a decline in vehicle sales.

    To address these challenges, Indus Motor Company recently announced its board’s approval of an investment of approximately Rs3 billion.

    This investment aims to enhance the localization of production, a crucial step in the company’s broader strategy to consistently increase the localization of parts and components in locally manufactured vehicles. 

    This temporary shutdown underscores the broader challenges facing the automotive industry in Pakistan and reflects IMC’s proactive approach to managing its production in response to current market conditions.

  • Toyota Camry after a hike of Rs2 million, priced at Rs23.3 million

    Toyota Camry after a hike of Rs2 million, priced at Rs23.3 million

    Toyota Indus Motor Company (IMC) has announced a massive price hike for all completely built-up (CBU) units offered by the Japanese automaker in Pakistan. The price of Toyota Camry is upped by Rs2 million and will now cost Rs23.3 million

    The only variant of the popular hybrid model, Toyota Prius received a hike of Rs1.26 million and will be sold for Rs14.65 million. Toyota’s crossover SUV, Corolla Cross (top trim) is now priced at Rs13.4 million after a hefty increase of Rs1.17 million in its earlier price.

    Finally, the automatic version of Toyota Rush will now be offered at Rs8.33 million following an increase of Rs710,000.

    Read more: Hyundai Sonata 2.5 will now cost Rs7.85 million

    Toyota IMC’s CBU models, in particular, have become nearly unobtainable following the recent price jump. The government’s main purpose in the auto sector, however, is to discourage CBU imports and increase sales of locally produced vehicles. This means that all other CBUs are on the verge of suffering the same fate as Toyota.

  • Toyota Pakistan records highest monthly sales, selling 7,132 vehicles in March 2022

    Toyota Pakistan records highest monthly sales, selling 7,132 vehicles in March 2022

    Toyota Indus Motor Company (IMC) achieved a new monthly milestone in March 2022, selling 7,132 vehicles, exceeding the prior record of 7,001 vehicles sold last year in October.

    It is pertinent to mention that the manufacturer has established a monthly sales record for the third time in the last eight months, which is a remarkable achievement.

    IMC has experienced tremendous growth over almost three decades of competence in producing and marketing Toyota cars in Pakistan. It was also revealed that the recent sales are the biggest since the company’s inception in 1993, for which the business has extended gratitude to its devoted customers.

    As consumer demand has grown over time, the corporation has made significant efforts to expand its capacity in order to satisfy the demands for innovative products.

    One of the most popular models from Toyota Pakistan is the iconic Toyota Corolla, which is also one of Asia’s most popular automobiles. The latter has been quite successful for decades now, accounting for the best sales.

    Due to its relatively faster delivery period than other car brands in Pakistan, the automaker has a broad demand in the nation and appeals to a wider clientele for its durable and trusted offerings.

    Reportedly, the Toyota Yaris has a two-month delivery wait as opposed to the Honda City’s four-month delivery period.

    In order to maintain quality standards, the firm invests heavily in coaching and motivating its qualified personnel. The corporation places a strong emphasis on corporate ethics along with employee and customer safety.

    On the flip side, the corporation may have to raise prices once again due to worldwide logistical issues, rising freight costs, and the depreciation of the Pakistani rupee.

    Imported raw materials have become pricier for automakers as the rupee continues to depreciate against the US dollar. As a consequence, IMC said that overall sales may drop by nearly 15 per cent over the coming years.