Indus Motor Company (IMC) has announced plant shutdown due to inventory shortages.
Plant of manufacturer of Toyota vehicles will remain closed from October 17 to November 17.
IMC has informed the PSX that the production plant will be closed because of current level of inventory of manufactured vehicles and parts shortages due to supply chain challenges.
In case of any change in plan, IMC will accordingly give update.
As per media reports, this IMC’s ninth announcement of production closure this year. Earlier, IMC announced a complete shutdown of its plant last month from September 28 to October 09 citing similar issues.
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.
