Instead of increasing vehicle prices immediately, Toyota stops taking orders due to rupee devaluation

Yesterday, Honda Atlas Pakistan increased as much as Rs. 7,000 on all of its vehicles in Pakistan following rupee devaluation. It was the fifth time a major automobile company in Pakistan raised prices of cars since December.

Following Honda’s move, it was widely predicted that Toyota and Suzuki will follow the footsteps of their competition and increase the prices of their vehicles as well.

But today, Toyota issued a surprising public notice which states instead of increasing the prices of its cars, the company has stopped taking all orders in Pakistan effective immediately.

Here’s what the notification read

Indus Motor Company (“IMC”) would like to inform the general public that we have STOPPED OUR ORDER BOOKINGS for a few days, due to the recent depreciation in Pak Rupee’s value, which has resulted in substantial cost increase on account of C&F, Government Duties & Taxes, imported components and raw materials for local parts. The Company is in the process of evaluating the impact of the same. Once the situation stabilizes, we will resume our order bookings with the announcement of new prices

The notification also announced that deliveries scheduled for this month, for which the full payments have been received, will not be required to pay any extra money.

Toyota may have temporarily stopped taking bookings, but it will be back soon with the new prices of its vehicles.

With Toyota and Honda both increasing prices, only Suzuki is left now.