Pak Sukuzi Motor Company (PSMC) announced to a shutdown of the production factory from January 2 to 6, 2023
PSMC notified the Pakistan Stock Exchange (PSX) that the State Bank of Pakistan (SBP) had created a prior permission procedure for imports under HS code 8703 (including CKDs) via circular No.09 of 2022, dated May 20, 2022.
“Restrictions had adversely impacted clearance of import consignment, which resultantly affected the inventory levels. Therefore, due to shortage of inventory level, the management of the company has decided to shut down its plant for the automobile as well as a motorcycle for the period from January 2 to January 6, 2023,” PMSC letter stated
PSMC’s overall production and supply line include assembling, manufacturing, and selling Suzuki automobiles, pickups, vans, 4x4s, motorbikes, and parts.
The local car industry is extremely dependent on imports and is suffering serious difficulties in the middle of an exchange-rate crisis as the central bank restricts the opening of letters of credit (LCs).
Baluchistan Wheels Limited (BWHL) extended its manufacturing shutdown till December 30 due to low auto demand.
Indus Motor Company (IMC), a Toyota assembler, will close its operations from December 20 to December 30, citing import certification difficulties.
Millat Tractors Limited stopped production on Fridays, citing a drop in tractor demand.
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