LAHORE – Honda Atlas Cars Limited has announced shutdown of plant for two more days due to supply chain issues.
Last month, Honda announced to shut down its plant from October 24, 2023 to October 31, 2023, which was later extended to November 07, 2023.
Now, the plant shutdown has been extended for two more days i.e November 08, 2023, to November 09, 2023.
In a notice to the Pakistan Stock Exchange (PSX), Honda has stated that any change in plan will be updated accordingly.
It is not for the first time that Honda has stopped production due to inventory issues. It had suspended manufacturing from March to May.
Auto sector of Pakistan, hugely dependent on imports, has been hit hard by the government’s decision to curb imports and restrict issuance of LCs. Additionally, higher finance cost and massive increase in car prices have also reduced demand.
In the first quarter of FY24, the sales stood at 20,983 units, down 40% as compared to the same period the previous year.
