Islamabad: Indus Motors on Wednesday clarified that as of today, there are no plans fixed for a complete plant shutdown for more than two weeks in August 2022.
In a letter written to the General Manager of the Pakistan Stock Exchange Limited, IMC said that it acknowledges the unprecedented difficulties that the auto sector is facing in its operations due to ongoing economic challenges and factors beyond the control of automobile manufacturers.
“The unprecedented devaluation of Pakistan Rupee, coupled with restrictions imposed by State Bank of Pakistan (SBP) regarding prior LC approval for CKD imports and continuing financial instability has radically impacted the auto industry,” the letter read.
However, the company has no plans for a complete plant shutdown for more than two weeks.
It further said that the company was actively monitoring its productions and operations, and was closely working with the government and the State Bank of Pakistan to alleviate the present challenges.