So Toyota has officially offered the refunds for the bookings on cars since the company has been unable to fulfil those orders due to various reasons, but mainly because they have been unable to acquire CKD kits (completely knocked down kits) of cars they sell in Pakistan.
Here is the statement posted on Toyota’s official Facebook page.
On one hand, it must be appreciated that Toyota is not only offering a refund of the full amount but it is also offering the markup from the day of booking till the request for refund is filed. On the other hand, it must be mentioned that had Toyota along with other Pakistani car companies who are thinking of shutting their assembly line in coming days made sure the production is localised, and the was as less reliance on foreign raw materials as possible, this day might not have come in the first place.
As you might already know, the automakers in Pakistan are only assemblers. Most of the raw material is imported in Pakistan from various other countries. And since the State Bank of Pakistan has halted the issuance of LC (letter of credit), these Pakistani companies have been unable to require necessary raw materials to assemble a vehicle.
This is a bleak situation not only for Toyota Pakistan, but also for Pakistan’s automarket as well as for Pakistan in general. As of 27th July, the USD was trading at Rs240 which is a horrific number for multiple reasons. There is no stopping it. Multiple international companies and startups have wrapped up and closed their shops in Pakistan. The inflation is at an all time high and it seems the auto industry is at a verge of some major closures as well. These last 2-3 months have turned the tide for Pakistan for worse. Let’s hope it gets better in near future otherwise we as a nation are in a whole lot of trouble; look at Sri Lanka for reference.