Toyota Indus Motor Company (IMC) has halted bookings for its full portfolio of vehicles, following the company's best monthly sales in over two decades.
Toyota has told its stores to halt reservations for all models indefinitely, citing "present unpredictable and turbulent market conditions" in an official statement.
Toyota IMC isn't the only carmaker that has halted vehicle reservations. Lucky Motor Corporation (LMCL) recently halted reservations for its top-selling Kia models, the Picanto, Sportage, and Stonic.
Last month, Ali Asghar Jamali, CEO of Toyota IMC, remarked that manufacturers must raise pricing owing to global logistical issues and rising freight costs during a quarterly performance review.
He, along with other experts, feels that the most severe effect on the automobile business has been the local currency devaluation. They believe that the Pakistani Rupee's continued depreciation versus the US Dollar would result in a lot of price increases this year.
The Pakistani car sector has begun to feel the effects of the global supply chain and economic crisis, which has begun to trickle down to end customers.