Due to inventory shortages, Pak Suzuki Motor Company (PSMC), a leading automaker, has extended its closure until January 20.
Since 2023, the vehicle company’s production has mostly ceased due to a lack of imported components and accessories due to banks refusing or retiring letters of credit (LCs) due to the US dollar shortage, exchange rate crisis, and fast decreasing foreign reserves.
PSMC, in a letter to the Pakistan Stock Exchange (PSX), informed and stated, “Due to the continued shortage of inventory level, the management of the company has decided to extend the shutdown of the automobile plant from January 16, 2023, to January 20, 2023,”
The business announced its third consecutive 2023 manufacturing halt. In addition, PSMC announced non-production days from January 2 to 6 due to import constraints caused by the non-issuance of letters of credit.
Last Monday, PSMC informed the bourse that it will close the vehicle plant from January 9 to 13, citing the same grounds for CKD kit import restrictions.
Recently, import bottlenecks have plagued the auto sector, which relies heavily on imported components and accessories.
The Pakistan Automotive Manufacturers Association reported 13,768 passenger car sales in December, down 44% from 24,471 in December 2021. (PAMA).
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