Car manufacturing Companies Received Over Rs. 217 Billion From Advance Bookings
This year, Pakistan’s automobile makers have received over Rs. 217 billion in advance reservations from clients, with Toyota Indus Motors Company (IMC) topping the way with Rs. 112 billion.
These figures were provided by the Secretary of the Ministry of Industries and Production during a hearing of the Public Accounts Committee (PAC), which was chaired by MNA Noor Alam Khan.
The secretary noted that Toyota is followed by Pak Suzuki Motor Company (PSMC) at Rs. 41.66 billion and Honda Atlas Cars Limited (HACL) at Rs. 23 billion.
He said that despite the fact that their manufacturing facilities are not completely operating, they receive 20 to 100 percent of the car’s price as bookings from clients.
He went on to say that companies are required to deliver automobiles within 60 days after booking, and that Toyota has the capacity to build 5,600 vehicles per year but cannot because of its partly working facility.
If a company fails to deliver the car within the specified time frame, they must pay KIBOR plus a 3% penalty for late delivery.
In this regard, the secretary informed that car companies had compensated consumers about Rs. 1.9 billion in the previous two years.
