Indus Motors completely shuts down production plant

KARACHI: The Indus Motors Company Limited on Tuesday announced to completely shut down its motor vehicle production plant from February 1, 2023.

In a communication shared with the Pakistan Stock Exchange (PSX), the company, the manufacturer of Toyota cars in Pakistan, said that in light of the recently introduced mechanism through a Circular No 20 of 2022 dated December 27, 2022, (effective from January 2, 2023), the commercial banks have been advised to prioritise and facilitate the imports to specified sectors only.

The specified sectors do not include the auto sector. The company and its vendors continue to face major hurdles in the import of raw materials and receiving clearance of their consignments from the commercial banks.

This has disrupted the entire supply chain and the vendors are unable to supply raw materials and components to the company.

“Accordingly, the company has insufficient inventory levels; therefore, the company is unable to continue its production activities,” it added.

The company has decided to completely shut down its plant from February 1, 2023 to February 14, 2023.

“Moreover, the company has also decided to start its production on a single shift basis from February 15, 2023, until further notice,” it added.

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