ISLAMABAD – Pakistan’s auto industry is bearing the brunt amid import restrictions, depreciation of the local currency, and back-breaking inflation.
As the country’s leading players like Suzuki, Honda, and Toyota suffered massive blows, some auto giants suspended operations, while others are struggling to sell units as prices skyrocketed.
Amid the somber situation, rumors were rife that Toyota is shutting down operations in Pakistan, and many even believed without confirming the development. These reports caused a buzz on Twitter and it has people talking.
As reports were shared widely by social media users, Toyota shoots down rumors, ruling out reports of a permanent shutdown. In a response to a local publication, the auto giant said the closure is temporary due to a shortage of low inventory and LCs conundrum.
Toyota clarified that production of locally assembled units has been halted as part of the ongoing operational routine. In a positive development, the company’s senior official hinted at rolling out new models in Pakistan, like hybrid SUVs.
The reports surfaced as sales of cars, nosedived by over 80 percent year-on-year amid economic and political instability, as people are having a hard time buying new cars.
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