AIRLINK 88.89 Decreased By ▼ -0.81 (-0.9%)
BOP 4.86 Decreased By ▼ -0.10 (-2.02%)
CNERGY 3.97 Decreased By ▼ -0.06 (-1.49%)
DFML 41.23 Increased By ▲ 0.67 (1.65%)
DGKC 90.30 Decreased By ▼ -0.10 (-0.11%)
FCCL 23.10 Increased By ▲ 0.01 (0.04%)
FFBL 33.82 Decreased By ▼ -0.48 (-1.4%)
FFL 9.05 Decreased By ▼ -0.03 (-0.33%)
GGL 9.92 Decreased By ▼ -0.02 (-0.2%)
HASCOL 6.07 Decreased By ▼ -0.02 (-0.33%)
HBL 127.31 Increased By ▲ 0.32 (0.25%)
HUBC 164.79 Decreased By ▼ -0.46 (-0.28%)
HUMNL 10.82 Decreased By ▼ -0.01 (-0.09%)
KEL 4.43 Decreased By ▼ -0.09 (-1.99%)
KOSM 4.25 Decreased By ▼ -0.09 (-2.07%)
MLCF 37.90 No Change ▼ 0.00 (0%)
OGDC 129.81 Decreased By ▼ -2.37 (-1.79%)
PAEL 24.89 Increased By ▲ 0.02 (0.08%)
PIBTL 6.18 Increased By ▲ 0.10 (1.64%)
PPL 117.60 Decreased By ▼ -0.64 (-0.54%)
PRL 24.23 Decreased By ▼ -0.07 (-0.29%)
PTC 11.93 Decreased By ▼ -0.22 (-1.81%)
SEARL 58.28 Decreased By ▼ -0.17 (-0.29%)
SNGP 64.25 Decreased By ▼ -0.30 (-0.46%)
SSGC 9.65 Decreased By ▼ -0.11 (-1.13%)
TELE 7.64 Decreased By ▼ -0.03 (-0.39%)
TPLP 9.00 Decreased By ▼ -0.18 (-1.96%)
TRG 63.60 Increased By ▲ 0.20 (0.32%)
UNITY 27.86 Increased By ▲ 0.69 (2.54%)
WTL 1.27 No Change ▼ 0.00 (0%)
BR100 8,270 Decreased By -21.5 (-0.26%)
BR30 26,507 Decreased By -107.3 (-0.4%)
KSE100 78,100 Decreased By -131.9 (-0.17%)
KSE30 25,252 Decreased By -52.2 (-0.21%)

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

Comments are closed.

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