AVN 64.76 No Change ▼ 0.00 (0%)
BAFL 31.49 Increased By ▲ 0.31 (0.99%)
BOP 4.79 Decreased By ▼ -0.03 (-0.62%)
CNERGY 3.85 No Change ▼ 0.00 (0%)
DFML 14.48 Increased By ▲ 0.48 (3.43%)
DGKC 41.65 No Change ▼ 0.00 (0%)
EPCL 46.81 Increased By ▲ 0.51 (1.1%)
FCCL 11.33 Decreased By ▼ -0.07 (-0.61%)
FFL 5.06 No Change ▼ 0.00 (0%)
FLYNG 5.82 Increased By ▲ 0.02 (0.34%)
GGL 10.46 Increased By ▲ 0.55 (5.55%)
HUBC 65.54 Increased By ▲ 1.34 (2.09%)
HUMNL 5.61 No Change ▼ 0.00 (0%)
KAPCO 27.73 Decreased By ▼ -0.09 (-0.32%)
KEL 2.16 Increased By ▲ 0.01 (0.47%)
LOTCHEM 24.40 Decreased By ▼ -0.10 (-0.41%)
MLCF 21.51 Decreased By ▼ -0.34 (-1.56%)
NETSOL 84.61 Increased By ▲ 0.31 (0.37%)
OGDC 87.02 Decreased By ▼ -0.09 (-0.1%)
PAEL 11.00 Increased By ▲ 0.05 (0.46%)
PIBTL 4.19 Decreased By ▼ -0.04 (-0.95%)
PPL 75.35 Decreased By ▼ -1.43 (-1.86%)
PRL 13.60 Decreased By ▼ -0.13 (-0.95%)
SILK 0.89 Decreased By ▼ -0.03 (-3.26%)
SNGP 41.27 Decreased By ▼ -0.33 (-0.79%)
TELE 5.84 Decreased By ▼ -0.11 (-1.85%)
TPLP 15.62 Increased By ▲ 0.01 (0.06%)
TRG 111.84 Increased By ▲ 0.59 (0.53%)
UNITY 13.97 Increased By ▲ 0.13 (0.94%)
WTL 1.17 Increased By ▲ 0.03 (2.63%)
BR100 4,064 Increased By 18.2 (0.45%)
BR30 14,468 Increased By 34.8 (0.24%)
KSE100 40,734 Increased By 113.6 (0.28%)
KSE30 15,230 Increased By 59.4 (0.39%)
Follow us

Honda Atlas Cars (Pakistan) Limited, the assembler of Honda automobiles in the country, on Monday announced the shutdown of its plant from October 04 to October 11, 2022.

In a notice sent to the Pakistan Stock Exchange (PSX), Honda Atlas attributed the development to supply chain disruptions caused by measures taken by the government.

“Considering the current economic situation of the country, the government has resorted to stringent measures including minimising the import of CKD kits and raw materials, the company's supply chain has also been disrupted by such measures.

“As a result, the company has also to rationalise its production and ultimately to shut down its plant from October 04, 2022 to October 11, 2022,” read the notice.

Pakistan’s auto industry has been struggling to meet its scheduled delivery periods since July as restrictions have hindered the timely import of auto parts, prompting one assembler back then to offer refunds to its customers as well.

The sector, highly dependent on imports, has also been caught in the midst of an exchange-rate crisis, as the SBP, after unabated rupee depreciation, imposed restrictions on the opening of Letters of Credit (LCs).

This translated into total car sales declining by 50% year on year in July-August, clocking in at 19,358 units, down from 38,568 units a year ago due to non-production days led by a shortage of parts followed by an economic slowdown.

Earlier in August, Indus Motor Company (IMC), the assembler of Toyota-brand vehicles in Pakistan, on Tuesday announced it will temporarily shut down its production plant from September 1, 2022, to September 16, 2022.

Moreover, Pak Suzuki Motor Company (PSMC) further extended the shutdown of its automobile production plant from August 29 to 31, citing import restrictions by the SBP that have "adversely impacted clearance of import consignments, which resultantly affected the inventory levels".

Comments

Comments are closed.

Major Muhammad Yahya Retired Oct 04, 2022 06:15pm
I am B.Sc Electrical Engineer from UET Lahore and have got experience of working in auto industry through Army and experience of All types of repairs inspection and overhaul of vehicles. Auto industry can not flourish unless unecessary restrictions be removed from the Honda Atlas Cars so that sales of cars be restored and company should get maximum profit. Cell # 03445299268
thumb_up Recommended (0)
Asif Oct 05, 2022 11:42am
Completely shutdown would be the grateful my country
thumb_up Recommended (0)
Shafique Oct 05, 2022 03:13pm
Very nice
thumb_up Recommended (0)

Honda Atlas Cars announces week-long plant shutdown

Country can excel at nuclear power generation: PM Shehbaz

Dar gives go-ahead to Saylani, other charities to help raise $2bn from overseas Pakistanis

Pakistan’s textile exports significantly decline in January: APTMA

Local court sends Sheikh Rashid on two-day physical remand

Capital gain lifts Norwegian operator Telenor to record earnings

Fawad warns Punjab, KP governors of Article six trial if elections delayed

Foreign funding case: IHC rejects PTI’s petition against ECP ruling

Closing in on terror network behind Peshawar mosque suicide blast: KP police chief

Bank of England hikes interest rate tenth time in row

Bangladesh seeks extended oil credit from Saudi Arabia