Pak Suzuki Motor Company Limited (PSMC), one of Pakistan’s largest car manufacturers, has extended the plant’s closure until January 13.
The PSMC, in a letter to the Pakistan Stock Exchange (PSX) on Friday, 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 9, 2023, to January 13, 2023,”
The PSMC also clarified that the motorcycle plant would be operative.
The company’s auto and motorcycle plants were closed from January 2 to 6.
Last week, a PSMC spokesperson said the company was facing a critical time due to import restrictions and no future information on how long the issues would last.
Detention, demurrages, and kibor+3% hurt our industry.
The spokesperson said reduced sales and production also worried dealerships and vendors. He asked the government to talk to the industry urgently.
Pakistan’s import-dependent auto industry is in crisis due to government restrictions.
Passenger car sales decreased 39% in the first five months of the financial year 2023 to 55,144 units, compared to 90,303 units in the same period last year (PAMA).
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