No, it does not!

The LCs are a way of preventing over-spending in areas which are not critical for the running of the economy. The the way the auto sector has been run so far by the assemblers and the vendors, it has been turned into one of these non critical areas which can be cut in order to keep the country running. The reason is simple. Lack of localization and immense import of raw materials to make local parts and massive import of parts to assemble cars locally have added nothing of value to the export market of the nation for decades!!!

In any sane country with a sane auto industry going through such issues, the first priority would have been to parts and raw materials localization.
These yahoos should have had the foresight to see this coming. Instead they just kept on sleeping. Their fault. Deal with it; and they mustn’t waste critical funds of the nation trying to support their mistakes/corruption/corporate greed/etc.!

Even at their peak a few years back, these companies were importing billions of USD in parts yet only provided a few millions of USD worth of local jobs. There are NO benefits to their local assembly.

I hope they price themselves out of the market for good. These companies (even the new comers) cannot work in Pakistan under their current operating methods. They need to seriously change their priorities or just leave the market. They are seriously doing much more harm than good.