[vc_row][vc_column][vc_column_text dp_text_size=”size-4″]Pak Suzuki Motor Company (PSMC) announced on Monday that it is extending the shutdown of its motor plant until April 15 and suspending operations at its automobile plant from April 7 to April 14 due to inventory shortages as import restrictions continue to wreak havoc on the auto industry.
The company informed the Pakistan Stock Exchange of the development.
“Due to a lack of inventory… the company’s management has decided to extend the shutdown period of its motorcycle plant until April 15, 2023,” according to the notice.
“The automobile plant will also be closed on April 07, 2023 and April 14, 2023 due to inventory shortage,” it added.
Also Read: Honda extends production shutdown due to import restrictions.
PMSC is the local manufacturer, assembler, and marketer of Suzuki automobiles, pickup trucks, vans, 4x4s, and motorcycles, as well as related spare parts. The Suzuki brand originated in Japan. n
PSMC announced last month that its motorbike plant would be closed for 12 days, from March 20 to March 31. The decision was made due to a persistent shortage of raw materials, the company stated at the time. At the time, the company’s automobile plant was still operational.
Pakistan’s auto industry is still besieged by various crises. Other publicly traded companies, such as Indus Motor Company Limited and Honda Atlas Cars, have been forced to halt production in recent months due to economic difficulties that have reduced central bank foreign exchange reserves to a level barely sufficient to cover four weeks of imports, prompting the government to impose import restrictions.
The country is still in need of dollars to meet its import and other external payment obligations. The State Bank of Pakistan’s (SBP) foreign exchange reserves fell $354 million to $4.2 billion as of March 24, according to data released last week.
A lack of foreign currency reserves has put additional strain on an economy that is heavily reliant on imports to keep its engines running.[/vc_column_text][/vc_column][/vc_row]
