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The auto industry in Pakistan is grappling with ongoing challenges as Indus Motor Company (IMC), the manufacturer of Toyota vehicles in the country, has revealed a temporary production shutdown due to inventory shortages.
IMC has initiated a production suspension lasting for one month, commencing from October 17th and concluding on November 17th. The company noted in a statement, “Any modifications to this plan will be duly communicated.”
Also Read: Toyota Pakistan Reports Massive Decline in Profit for FY23
It’s noteworthy that today’s announcement signifies the ninth occasion on which Toyota IMC has ceased production in the current year. Previously, production was halted between September 28th and October 9th.
The auto industry has been severely impacted by the government’s restrictions on imports and limitations on letter of credits (LCs) issuance. The industry relies significantly on imports, and the surge in prices, resulting in reduced sales, has added to their challenges.
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