Indus Motor Company (IMC) will reportedly be halting its production operations in Pakistan and those who booked their cars will get their advance payments back.
Asghar Ali Jamali, CEO of IMC, confirmed reports of refunds being offered to customers experiencing delivery delays. He stated that the company will provide customers with a full refund, including interest.
Those who do not wish to receive a refund must wait ‘at least 3 (more) months from the delivery month specified on the Provisional Booking Order Form and (also) pay the price differential due to the exchange rate situation.
According to PakWheels.com, the production delay announcement will most likely be made next week.
The recent depreciation of the Pakistani rupee has compelled the State Bank of Pakistan to restrict the opening of Letters of Credit (LC) to several sectors, including the automobile industry.
Companies are experiencing production issues as a result of the SBP’s restrictions, resulting in delayed deliveries.