Toyota Indus Motors to offer refunds to customers 

IMC will provide the option to customers on account of the letter of credit problem 

Indus Motor Company (IMC), the assembler of Toyota cars in Pakistan, has decided to start offering refunds to customers facing delays in deliveries. Profit has been able to confirm this from Asghar Ali Jamali, Chief Executive Officer at IMC.  “We will give customers the option to avail a refund with the full interest. In case they choose not to opt for this (refund), they will have to wait at least 3 (more) months from the delivery month given on the Provisional Booking Order Form and (also) pay the price differential due to the exchange rate situation”, Jamali said.

The decision is expected to be announced soon and according to IMC is centered on facilitating customers amidst the current supply chain situation. Profit had reported earlier on how the State Bank of Pakistan’s (SBP) extended mandate over letters of credit for ckd imports had created panic amidst the automobile market. 

All of this comes at a time when manufacturers were trying to negotiate a quota for ckd imports and relief from the KIBOR+3 penalty that they would be levied per the Auto Industry Development and Export Policy (AIDEP 2021-26)

Profit had inquired with local Toyota dealerships about the wait times on various Toyota models to understand the gravity of the delays and discovered the following: 

This move is perhaps indicative of the end of the Pakistani automotive industry’s current car renaissance. 

It is unknown whether other automobile manufacturers will follow suit or if this will be a standalone action on the part of IMC.

- Advertisement -
Daniyal Ahmad
The author is a member of the staff, and covers the automobile sector as a sector analyst. He can be reached at [email protected]

64 COMMENTS

  1. Dear sir,
    I am importer of generator spare parts which are use in power generation and government impost restrictions on H.S Code 84 and 85, and all parts carrying both code and my shipment is already arrived but no body give me answer SBP stop F.I with out F.I i can not clear my shipment from custom. So kindly have look on this issue..

  2. why we are not getting our car toyota yaris ativ x 1.5?
    we have booked our car on 28 march 2022 and now its july till now we didnt get our car and our delivery month was july…

  3. Local manufacturing Altis, Yaris, delaying delivery 🚚 is can’t understand,? About CKD unit we understand,
    Why Toyota apply this on all variants .?

  4. My grande black interion 9 february ko book krwae thee partail pament k sath pheer rates increase higae
    50 %increase pament ka sath total pament pay kr di phr taxes pay kr deya tentative time august ka ha to ab kia bana ga koe btae ga plzzz

  5. They import only. No export. And deletion program was violated. They should leave Pakistan. If the don’t follow target of deletion programs and end import for manufacturing

    • Kisi ke pas koi confirm news hai to kindly Bta dean. Kunkh toyota waley to keh rahy hain kh it is not official news

      • This is deterimental to the consumer. I Booked with full payment in feb with delivery in july. This will leed to law suits inshallah.

    • میں نے 25مارچ 2022کو فول پیمنٹ کرکے یارس بک کروایا تھا ڈیلے ٹایم جولائی بتایا تھا اب یہی بات کرہاہے ۔کیا تمام کسٹمرز کو یہ مسئلہ کورٹ میں نہیں چیلنج کرنا چاہیئے ؟

  6. We should praise IMC here. They were honest in their communication and are offering complete refund. This is a good move and gives the decision in the hand of the customers. I pray Pakistan comes out of this problem soon.

  7. We should praise IMC here. They were honest in their communication and are offering complete refund. This is a good move and gives the decision in the hand of the customers. I pray Pakistan comes out of this problem soon.

  8. To end the monopoly and such kind of practices, everyone should demand their payment back in dollars or get it back with interest for they used this money from customers to do more business.

  9. I booked Altis 1.6 in first week of March 2022, delivery month is Aug 2022. Actually problem comes from government end as they put a ban on import of all kinds of items. Toyota can’t import CKD kit as SBP still not issued LC.
    Second problem is with toyota, They increases their prices from 10 march onward but they are demanding increase from every customer which is unfair. Anyways Political instability has created this panic.

  10. why we are not getting our car toyota altis X 1.6 S.E
    we have booked our car on 28 February 2022 with full payment and now its july till now we didnt get our car and our delivery month was july…and i paid already additional payment increase of taxes

  11. VERY POOR FACE OF IMC…INCOMPETENCY THEY HAVE USED AMOUNT FOR A LONG TIME AND NOW REFUND. THIS IS A TOTAL FRAUD

  12. To start with, IMC is to stop booking further orders if they can not meet the timelines. I guess in most of the cases they have already done so.

    A company with such HR should have worked it out earlier.

    Secondly, no refund is accepted after a lapse of 4-6 months or more after booking.

    IN CASE OF NO OTHER OPTION, Refund should be calculated as per the US Dollar value at the time of payment to IMC by the customer at the time of booking.

    No other option to be accepted. In case of Not compliance , courts to be approached

  13. I have to sale my car Altis i.6 automatic November 2020 Model. First owner. 100% Geniune. milegae 26000 km driven. Location Ghotki Daharki.

  14. Totally unfair. No commitment height of the greediness. They will give refund and again start booking the car with new prices. Totally fraud. They should bear the heavy penalty of not delivering on time and not fulfilling there commitments. We don’t care about the import. If you are taking full payments then you are responsible for it. I request everyone to take stand and speak up. The refund thing or if they give 5month time more it will not be accepted.

  15. Sleeping govt heads, wake up…this is fraud mis conduct on part of a company who bas made billions in the past….where are the regulators???????

  16. It’s not fair from Toyota while booking they took payment when dollar was 180rs and now it’s 240rs and they are saying that the customer can have their payment back I booked Altis 1.6 se and the delivery date was in June and now it’s July and still the dealer saying that you have to wait till the mid of August and they are still not sure rather the vehicle will be delivered or not people should sue them in court if any one have any solution please contact me 03228400285.

  17. It’s not fair from Toyota while booking they took payment when dollar was 180rs and now it’s 240rs and they are saying that the customer can have their payment back I booked Altis 1.6 special edition and the delivery date was in June and now it’s July and still the dealer saying that you have to wait till the mid of August and they are still not sure rather the vehicle will be delivered or not people should sue them in court if any one have any solution please contact me 03228400285.

  18. I need to understand what is the stance of Toyota where they have offered one time option with a full payment. In that case ideally there should not be any differential as the price was already paid in full when the exchange rate was hovering around 200 to 202

  19. I want my payment back in USD with interest of KIBOR + 3. USD rate should the date as and when IMC have received the payment

  20. Please pay back refund in USD with interest of KIBOR + 3. USD rate should be as of the date when IMC have received the payment

  21. I have booked my Altas 1.8 Grande in the month of January 2022 n made the full payment by availing the option n April. My delivery month was June 2022 but still delivery not made by company. As per rule I m not liable to pay any price increase or new year taxes (2022-23).
    Now I m going to CONSUMER COURT for lodging case against Indus Motors Company .
    I m from peshawar. any effectee in peshawar can contact me 0n 0345 9641330.

  22. This is totally a fraud. IMC is bound for fulfilling the agreement . The matter will also be raised with NAB.

  23. I have also booked Altis1.6 SE in December. Paid full amount (including 50% further increase in price) in May, now also paid cvt tex as per demand of company.
    But still uncertain about the situation.
    Delivery month was July.
    How unfair is it???
    Hearing news of refund with a very little interest. Otherwise we have to wait a long and will be bound to pay next increased price etc.
    I am a govt servant. It is very miserable for the persons like me. As per my capacity, I already have paid maximum.
    I pray that Almighty Allah bless our country and save us from such unbearable situations.

  24. This is totally injustice we have paid full amount along with CVT + Freight and insurance charges, now company says sorry unable to fulfill the order. we wait 3-4 months for delivery last moment company announced sorry. Kia company import parts individual car ke ley kerti ha. Dollar to ab upar jana shura hoa ha company to bulk me parts import kerti hain ye to customers ko bewaqoof banya ja raha.

  25. Bad news hea lakin batani to pary gi
    ACTUALLY Toyota indus abhi months k hisab say price barahy gi means jo gari july 2022 mean delivery honi thi wo dollars k بڑھتے ہوئے اندازے k mutabiq extra pay krean gay jo log August waly hea wo July say zaida passy jama krwean gay or jo September waly hean wo bhi or zaida payment krean gay. Beshak ap nean full payment bhi kr d ho extra amount deni pary gi
    Toyota nean almost 9000 units ki delivery krni hea
    Ager hum log apni amount wapis laty hean to Toyota apny ap ko بیچ kr bhi passy wapis nhe ker sakta
    State bank 262 rupees k hisab say LC day raha hea
    Matlab Toyota grandee 70lkh ki

  26. We all should demand payment in dollars + extra amount for mental stress.There would be people who had already sold vehicles and now would be waiting.
    As a company they must had alternate plan and reserves.Simply they should take payment only if they can deliver the vehicle.

  27. Toyota is not shutting down its factory in Pakistan; rather, it is a partial shutdown of its operations. Toyota has cited the issues regarding the LC (Letter of Credit) restraints as the main reason behind its temporary partial shutdown. As the State Bank is not issuing LC to automobile companies, it is impossible to import CKD kits for assembling here. This, coupled with the devaluation of the Pakistani Rupee and the ongoing financial instability, has temporarily pushed Toyota Indus to halt its production operations.

    The company has also informed in its official notice about the delay in delivery of cars which might be pushed back 3 to 4 months. In case customers want to cancel their orders, Toyota Indus has offered to refund a 100% deposit along with the mark-up.

    “There will be 10 working days next month, only if the central bank allows us to open a letter of credit based on the quota they promised,” Ali Asghar Jamali, chief executive at Indus Motor Company Ltd, which assembles Toyota vehicles in Pakistan, told Reuters.

    Other automobile companies in Pakistan are facing similar situations. In your opinion, how can this issue be resolved? Share your thoughts in the comments below!

  28. ٹویوٹا پاکستان میں اپنی فیکٹری بند نہیں کر رہی۔ بلکہ، یہ اس کے آپریشنز کی جزوی بندش ہے۔ ٹویوٹا نے اپنے عارضی جزوی بند ہونے کی بنیادی وجہ LC (لیٹر آف کریڈٹ) کی پابندیوں سے متعلق مسائل کو بتایا ہے۔ چونکہ اسٹیٹ بینک آٹوموبائل کمپنیوں کو ایل سی جاری نہیں کر رہا ہے، اس لیے یہاں اسمبلنگ کے لیے CKD کٹس درآمد کرنا ناممکن ہے۔ اس نے پاکستانی روپے کی قدر میں کمی اور جاری مالیاتی عدم استحکام کے ساتھ عارضی طور پر ٹویوٹا انڈس کو اپنی پیداواری کارروائیوں کو روکنے پر مجبور کر دیا ہے۔

    کمپنی نے اپنے آفیشل نوٹس میں کاروں کی ڈیلیوری میں تاخیر کے بارے میں بھی بتایا ہے جسے 3 سے 4 ماہ پیچھے دھکیلا جا سکتا ہے۔ اگر صارفین اپنے آرڈرز منسوخ کرنا چاہتے ہیں تو ٹویوٹا انڈس نے مارک اپ کے ساتھ 100% جمع رقم کی واپسی کی پیشکش کی ہے۔

    پاکستان میں ٹویوٹا گاڑیاں اسمبل کرنے والی انڈس موٹر کمپنی لمیٹڈ کے چیف ایگزیکٹو علی اصغر جمالی نے کہا، “اگلے مہینے 10 کام کے دن ہوں گے، صرف اس صورت میں جب مرکزی بینک ہمیں اپنے وعدے کے مطابق ایک لیٹر آف کریڈٹ کھولنے کی اجازت دیتا ہے۔” رائٹرز کو بتایا۔

    پاکستان میں دیگر آٹوموبائل کمپنیوں کو بھی ایسے ہی حالات کا سامنا ہے۔ آپ کے خیال میں یہ مسئلہ کیسے حل ہو سکتا ہے؟ ذیل میں تبصرے میں اپنے خیالات کا اشتراک کریں!

  29. Hello 😊
    I hope you are fine and i am also fine
    Mae neh yaris le hei bank keh throw yaris 1.5 Ativ X mera pay order toyota central motors karachi mae parha huwa hei ushe 1 month se ziyada huwa hei. Muj se bank walo neh 2 installement ley le hei kindly mujhe btae mae kya karo
    Thankyou 🙏

  30. Kisi bhai na apni amount wapis li ha .mn refund lena chahta hon kiya proces ha mujha guid kerin .meri car ki delivery july mn thi .

  31. As far as I heard interest IMC is paying 1.5 or 2%…whereas ppl who booked cars on full payment are payin 16% months. So what is the fault of buyer….imc should pay as per mkt.

  32. we should work and carve out a collective plan otherwise they are not going to pay any heed i am also one of the aggrieved , i stand with all of you and my advice is to start a twitter campaign along with a court petetion

  33. ABSUTELY NON SENSE. DOLLAR GONE UP STARTING MAY, COMPANY ASKING DIFFERNTIAL ON JULY DELIVERIES EVEN FULLY PAID ONES IN FEB. O BHAI KHUDA KA KHOOF KERO KITINAY PAISAY KAO GEY. DELIVRY DATE SE FORUN PEHLAY PARTS IMPORT HOTEY HEIN???
    IMMEDIATELY RELEASE OUR FULLY PAID VEHICLES.

  34. I booked my car on 1st march and pay the full amount on 10th May 2022 on the first raise in price. After that till to date, I did not receive my car(Delivery Month Aug-22) and we are hearing about further raise, as per term, we pay the full amount then how a company is demanding more with us and secondly, I read the comment section one of brother pay further tax, as per my knowledge any change in taxation law it affects perspective either retrospective then how a company is claiming further tax. So My suggestion is that all of us make a WhatsApp group and we update all of ourselves regarding this issue and if there is a need to go to court I think so we go for this. Thanks
    Ijaz Hussain
    +923105450000(For WhatsApp)

  35. I booked my car on 1st march and pay the full amount on 10th May 2022 on the first raise in price. After that till to date, I did not receive my car(Delivery Month Aug-22) and we are hearing about further raise, as per term, we pay the full amount then how a company is demanding more with us and secondly, I read the comment section one of brother pay further tax, as per my knowledge any change in taxation law it affects perspective either retrospective then how a company is claiming further tax. So My suggestion is that all of us make a WhatsApp group and we update all of ourselves regarding this issue and if there is a need to go to court I think so we go for this. Thanks
    Ijaz Hussain
    +923105450000(For WhatsApp)

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Must Read

ITFC delegation to visit Pakistan to discuss Annual Financing Plan

ISLAMABAD: A five member delegation of International Islamic Trade Finance Corporation (ITFC) headed by its Chief Operating Officer (COO) will visit Pakistan from October...

Profit E-Magazine Issue 212