KARACHI: Indus Motor Company (IMC), the maker of Toyota vehicles, has decided to shut down all production for the remaining days of September, claimed a report in Dawn.
The closure brings the total number of “non-production days” (NPDs) to 15 in the month of September due to continuing fall in demand.
An IMC official, who asked not be named, said the company had already observed eight NPDs in July and 11-12 NPD in August.
An IMC official quoted in the report said that federal excise duty (FED) of 2.5-7.5 percent on various engine capacity cars, skyrocketing prices on account of rupee-dollar parity coupled with additional customs duty on imported parts and raw material and high interest rates had priced most of their vehicles out of the market.
Toyota Corolla production and sales dropped to 5,308 units and 3,708 units respectively in July-August from 8,804 and 8,770 units in same period last fiscal year, representing a fall of 40 and 57pc respectively.