KARACHI – Indus Motor Company Limited has shut down its production in Pakistan in wake of disturbed inventory levels and shortage of parts and components.
The assembler of Toyota vehicles announced the shutdown of plant for 7 days. A statement issued by Pakistan Stock Exchange (PSX) said “Based on current low level of inventory of manufactured vehicles, and shortage of parts and components for manufacturing of vehicles, due to supply chain challenges.”
The company also decided to halt its production plant from July 15th 2024 to July 22, for a week time.
The auto sector in the country’s history faced considerable challenges amid massive economic deterioration, soaring inflation, and rise in borrowing costs.
The top automakers saw lowest sales in 21 years during fiscal year 2023-24. The slowdown is attributed to weakened consumer purchasing power, increased imports of used cars, and higher vehicle prices due to currency depreciation and increased taxes on manufacturers. In the previous fiscal year 2022-23, the Big Three had sold a total of 113,346 units.
