Honda Extends Plant Shutdown for Another 15 Days

Honda Atlas which was already observing non-production days in regular intervals since August 2022 and had kept its plant shut for the entire month of March starting from the 9th of that month has now announced to extend the NPD (non-production days) for another 15 days.

In a notification sent to the Pakistan Stock Exchange (PSX), the company has notified that it will keep its plant shut from the 1st to the 15th of April 2023. According to the company notice, in the current volatile economic conditions, and the government’s stringent measures including restrictions imposed on the opening of LCs for the import of CKD parts & raw materials, halting foreign payments and other such measures have severely disrupted the company’s supply chain. Because of this Honda is no longer in a position to continue its assembly operations.

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The local auto industry which is heavily dependent on imports is feeling the heat since the government is only allowing essential imports which do not include the auto sector & car parts makers. However, even when the assembly plants are no longer operational, auto assemblers are announcing massive price hikes in tandem with Rupee’s depreciation against the US Dollar.

With prices already revised by up to 5 times within 3 months, let’s hope there isn’t another price hike before the assembly operations are resumed. However, the last time Honda announced its plant shutdown schedule on the 9th of March, it was followed by a price hike announcement within the next 5 days on the 14th of March 2023. We will have to wait & see if there is another price increase announcement coming during these NPDs in April.

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