Indus Motor Company (IMC) the assemblers of Toyota cars in Pakistan has announced to suspend the assembly operations for the second time this year. The reason behind the latest non-production day (NPD) schedule is the same— the lack of inventory in hand due to the government’s restrictions on the import of CKD parts.
According to the notification sent to the Pakistan Stock Exchange (PSX), IMC will observe four NPDs from March 24, 2023, to March 27, 2023. Furthermore, beginning March 28, 2023, due to limited stocks the company will continue with single-shift operations.
After the SBP imposed restrictions on the opening of LCs as a result of persistent currency devaluation, Pakistan’s auto industry, which is heavily dependent on imports, has found itself in a dire crisis situation. While the nation’s reserves continue to be alarmingly low, the industry is having operating issues. In addition to assemblers of passenger vehicles, buses, and trucks, NPDs are being observed by bus makers, tractors, and tire manufacturers too.
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