Advertisement
Advertisement
Advertisement
Advertisement
Pak Suzuki stops production over inventory shortages

Pak Suzuki stops production over inventory shortages

Pak Suzuki stops production over inventory shortages

Pak Suzuki Motor Company (PSMC) will shut down its plant temporary.

Advertisement
  • PSMC has temporarily closed its production plant
  • It cited inventory shortages after import restrictions
  • Indus Motor has also stopped production
Advertisement

KARACHI: Pak Suzuki Motor Company (PSMC) announced the temporary shutdown of its plant for automobiles and motorcycles from 2-6 January 2023, citing inventory shortages.

In a notice sent to the Pakistan Stock Exchange (PSX), PSMC said that the State Bank of Pakistan (SBP) has introduced a mechanism for prior approval for import under HS code 8703 category (including CKDs) vide circular No.09 of 2022 dated May 20, 2022.

It said the restrictions had adversely impacted the clearance of import consignment which resultantly affected the inventory levels.

“Therefore, due to shortage of inventory level, the management of the company has decided to shut down its plant for automobile as well as motorcycle for period from January 02, 2023 to January 06, 2023,” the company said.

PSMC is engaged in the assembling, progressive manufacturing and marketing of Suzuki cars, pickups, vans, 4x4s and motorcycles and related spare parts.

Earlier this month, Indus Motor Company (IMC), the assembler of Toyota-brand automobiles in Pakistan, also announced that it will completely shut down its production plant from December 20 to December 30, citing its struggle with delays pertaining to approval for imports.

Advertisement

Pakistan’s auto industry is highly dependent on imports and has been caught in an exchange-rate crisis, as the SBP imposed restrictions on the opening of Letters of Credit (LCs).

 

Also Read

Indus Motors shuts down production for ten days
Indus Motors shuts down production for ten days

Indus Motors will shut down production for 10 days It cited the...

Advertisement
Advertisement
Read More News On

Catch all the Business News, Breaking News Event and Latest News Updates on The BOL News


Download The BOL News App to get the Daily News Update & Follow us on Google News.


End of Article

Next Story