AVN 49.55 Decreased By ▼ -1.30 (-2.56%)
BAFL 28.70 Decreased By ▼ -0.16 (-0.55%)
BOP 3.66 Decreased By ▼ -0.04 (-1.08%)
CNERGY 3.29 Decreased By ▼ -0.02 (-0.6%)
DFML 10.95 Decreased By ▼ -0.05 (-0.45%)
DGKC 52.70 Decreased By ▼ -0.42 (-0.79%)
EPCL 43.98 Decreased By ▼ -0.03 (-0.07%)
FCCL 12.69 Increased By ▲ 0.09 (0.71%)
FFL 6.30 Increased By ▲ 0.03 (0.48%)
FLYNG 5.92 Decreased By ▼ -0.16 (-2.63%)
GGL 10.50 Decreased By ▼ -0.20 (-1.87%)
HUBC 68.71 Increased By ▲ 0.01 (0.01%)
HUMNL 5.82 Decreased By ▼ -0.18 (-3%)
KAPCO 22.67 Decreased By ▼ -0.23 (-1%)
KEL 1.84 Decreased By ▼ -0.02 (-1.08%)
LOTCHEM 29.29 Decreased By ▼ -0.23 (-0.78%)
MLCF 28.85 Decreased By ▼ -0.10 (-0.35%)
NETSOL 77.80 Decreased By ▼ -2.53 (-3.15%)
OGDC 79.31 Increased By ▲ 0.41 (0.52%)
PAEL 9.86 Decreased By ▼ -0.04 (-0.4%)
PIBTL 4.16 Decreased By ▼ -0.17 (-3.93%)
PPL 61.20 Decreased By ▼ -0.08 (-0.13%)
PRL 14.57 Decreased By ▼ -0.17 (-1.15%)
SILK 1.05 Decreased By ▼ -0.02 (-1.87%)
SNGP 42.51 Decreased By ▼ -0.19 (-0.44%)
TELE 7.13 Decreased By ▼ -0.19 (-2.6%)
TPLP 12.92 Decreased By ▼ -0.05 (-0.39%)
TRG 97.30 Decreased By ▼ -3.13 (-3.12%)
UNITY 15.36 Increased By ▲ 0.86 (5.93%)
WTL 1.19 Decreased By ▼ -0.02 (-1.65%)
BR100 4,184 Decreased By -28.2 (-0.67%)
BR30 14,527 Decreased By -78.3 (-0.54%)
KSE100 41,858 Decreased By -284.4 (-0.67%)
KSE30 14,806 Decreased By -137.3 (-0.92%)
Follow us

Pak Suzuki Motor Company (PSMC) on Friday announced extending the shutdown of its automobile plant from February 20 to February 21 as it deals with inventory shortage due to import restrictions.

“Due to continued shortage of inventory level, the management of the company has decided to extend the shutdown of automobile plant from February 20, 2023 to February 21, 2023,” read a notice sent to the Pakistan Stock Exchange (PSX).

The note added that its motorcycle plant will remain operational.

PMSC is the local assembler, manufacturer and marketer of Suzuki cars, pickups, vans, 4x4s and motorcycles as well as related spare parts. The Suzuki brand itself is from Japan.

Earlier this month, PSMC had announced the temporary shutdown of its plant from February 13 to 17, citing an inventory shortage back then as well.

PSMC had said at the time that the State Bank of Pakistan’s (SBP) mechanism for prior approval for imports “adversely impacted clearance of import consignment which resultantly affected the inventory levels”.

PSMC had also said it will suspend taking new bookings for its motorcycles starting January 20 for an indefinite period due to “import-based supply chain constraints and uncertain production possibilities”.

Pak Suzuki raises car prices for second time in a month

Bookings will resume as the situation becomes favourable to serve fresh customers, it said.

Pakistan’s auto industry, highly dependent on imports, has been caught in the midst of a crisis, as the SBP, after unabated rupee depreciation, imposed restrictions on the opening of Letters of Credit (LCs). Industries are facing hindrances in operations as the country’s reserves have depleted to a critical level.

Comments

1000 characters
SAQIB NAWAZ Feb 17, 2023 07:24pm
Well done
thumb_up Recommended (0) reply Reply

Import restrictions bite: Pak Suzuki extends automobile plant shutdown

Intra-day update: rupee largely stable against US dollar

TAPI Pipeline: Pakistan and Turkmenistan sign implementation plan

Toshakhana case: IHC extends stay in criminal proceedings against Imran

Oil steadies as Saudi cut supports and focus turns to Fed

Saudi foreign minister says wealthy countries must take back Islamic State nationals

Blast tears through mosque at funeral of deputy governor in northern Afghanistan

Economic Survey 2022-23 to be unveiled today: PDM govt fails to meet even a single target

Rs90bn allocated for parliamentarians under SDGs

PSDP: Govt takes firm step to revive certain CPEC initiatives

IT exporters, freelancers: 35pc of export proceeds can be retained in special forex accounts: SBP