On Monday, the manufacturer reported the news to the Pakistan Stock Exchange (PSX).The government import limitations, which continue to have an impact on the auto industry and have caused a shortage of inventories, were cited as the reason for the decision.
The warning stated that the motorcycle and vehicle plants would be shut down from June 22, 2023 to July 8, 2023 due to a shortage of inventory.
Earlier, PSMC had previously shut down its motorcycle plant. Due to a shortage of raw materials, the car assembler shut down both its motorbike and vehicle plants from May 2 to May 9.
Furthermore closed from April 7 to April 28 was the auto assembly factory. Suzuki motorcycles, sedans, pickup trucks, vans, 4x4s, and other vehicles are assembled, produced, and sold by PMSC along with any necessary replacement components.
Due to a decline in sales and hefty finance costs, the auto maker reported its highest-ever quarterly loss of Rs12.9 billion back in April. In the same period last year, the auto manufacturing company reported a loss of Rs460.227 million.
Several difficulties are now plaguing Pakistan’s auto industry. In recent months, the production of other publicly traded enterprises like Indus Motor Company Limited and Honda Atlas Cars has also been halted because of financial issues.
The government’s decision to limit imports and the issuance of Letters of Credit (LC) has had a significant negative impact on the nation’s auto industry, which is heavily dependent on imports. Higher borrowing costs and sharp price rises for cars have also decreased customer demand.
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