KARACHI – Indus Motors Company, the maker of Toyota vehicles in Pakistan, has again announced to shut down its production plant from March 27-30, citing a delay in import approvals.
In its recent letter to the Pakistan Stock Exchange, Toyota said it continues to face hurdles on import of raw materials and receiving clearance of their consignments from commercial banks, on account of difficulties in the opening of LCs for raw materials by banks.
IMC said the situation disrupted the supply chain of the company and its vendors are unable to supply raw materials and components to the Company.
It cited insufficient inventory levels to maintain production and is unable to continue its production activities, saying the company has decided to completely shut down its production plant from 24 March 2023 to 27 March 2023.
Amid import curbs and economic meltdown, one of the leading truck makers in Pakistan, Hinopak Motors Limited announced to shut down its manufacturing plant for nearly two weeks.
Pakistan’s auto industry is mostly dependent on imports and remained under severe stress amid the shocking depreciation of the local currency, and imposed curbs on the LCs. Besides auto, several other Industries are bearing the brunt in operations amid a huge slump in foreign exchange reserves held by the country’s central bank.
Amid the uncertain vehicle delivery situation, Toyota along with other automakers raised the prices of various models repeatedly.
