Pak Suzuki Motor Company (PSMC) on Friday announced the shutdown of its motorcycle plant from March 20 to March 31 as it deals with an inventory shortage due to import restrictions.
A notice filed to the Pakistan Stock Exchange stated, “Due to shortage of inventory level, the management of the firm has decided to shut down motorcycle facility from March 20, 2023 to March 31, 2023.” (PSX).
However, The business continued, “Automobiles plant will remain operational.
Suzuki motorcycles, cars, pickup trucks, vans, 4x4s, and other vehicles are locally assembled, produced, and marketed by PMSC along with any necessary replacement parts. The Suzuki brand, on the other hand, is Japanese.
Due to the SBP’s restrictions on the issue of Letters of Credit after unabated currency depreciation, Pakistan’s auto industry, which is heavily dependent on imports, is in crisis (LCs). Because the nation’s reserves remained low, industries are experiencing operational challenges.
Among the country’s automakers, Honda Atlas Vehicles Pakistan Limited last week declared the longest factory stoppage to date due to the current economic crisis.
A division of Honda Motor Co. Ltd., the firm announced that its manufacturing would be closed from March 9 to March 31, 2023.
In a briefing to the Senate Standing Committee on Finance earlier this month, SBP Governor Jameel Ahmed stated that import compression will be lifted after the International Monetary Fund (IMF) assessment was over because this policy could not be maintained for an extended length of time.
Pakistan is still in discussions with the international lender to restart the bailout programme, which has been on hold since November of last year.
