Indus Motor Company, a key player in the automotive sector, is facing a notable setback as sales of its popular models, the Toyota Corolla and Toyota Yaris, have experienced an unprecedented decline of 73 percent between January and July 2023.
According to industry data, only 7,840 units of Toyota Corolla and Toyota Yaris were sold in the first seven months of this year.
This stands in stark contrast to the robust performance of the same period last year, which saw a substantial 29,136 units sold.
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A recent study conducted by Arif Habib Research highlights that sales of Toyota Corolla and Toyota Yaris in the current month alone have increased to a mere 1,067 units, marking an 8 percent increase compared to the previous month’s sales of 984 units.
Several factors are believed to be contributing to this overall downward trend in car sales. The persistent shortage of imported raw materials, stemming from prior import constraints imposed by regulatory authorities, has severely impacted production capacities.
Furthermore, the rising wave of inflation has dampened consumer demand for automobiles. Coupled with a high interest rate of 23 percent, this situation has presented challenges for potential buyers seeking financing options for the Toyota Corolla and Toyota Yaris.
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Amid this challenging automotive landscape in Pakistan, Indus Motors is navigating these obstacles in an effort to regain its market momentum.