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Pak Suzuki Motor Company (PSMC) has announced it will extend the shutdown of its motorcycle plant until June 16, 2023.

The automaker shared the development in its notice to the Pakistan Stock Exchange (PSX) on Tuesday. It said the decision was made due to the ongoing government import restrictions that have affected the auto sector, causing a shortage of inventory.

“Due to shortage of inventory level, the management of the company has decided to shut down motorcycle plant from June 12, 2023 to June 16, 2023,” read the notice.

However, the automobile plant will remain operative, it added.

PSMC had earlier shut its motorcycle plant till June 10, 2023. The auto assembler closed both its automobile and motorcycle plant from May 2 to May 9, due to a lack of raw material.

The automobile plant was also shut from April 7 to April 28.

PMSC is the 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.

Back in April, the auto manufacturer recorded its highest-ever quarterly loss of Rs12.9 billion in the first three months of 2023 owing to a decrease in sales and high finance cost. The car manufacturing firm had booked a loss of Rs460.227 million in the same period last year.

Pakistan’s auto sector is currently facing several crises. Other listed companies, such as Indus Motor Company Limited and Honda Atlas Cars, have also had to halt production in recent months due to economic difficulties.

The country’s auto sector, hugely dependent on imports, has been hit hard by the government’s decision to curb imports and restrict the issuance of Letters of Credit (LC). Additionally, higher finance costs and massive increases in car prices have also reduced demand from consumers.

Comments

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Tulukan Mairandi Jun 13, 2023 01:03pm
The shut down is soon gonna been permanent. Basically a melt down.
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Imran Jun 13, 2023 01:48pm
@Tulukan Mairandi, Hope for the good days. don't be so pessimistic all the times.
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test Jun 13, 2023 04:42pm
Japanese companies are looting Pakistan from the past 6-7 decades and they have made a lot lot of money from Pakistan and yet Japan has not created a single manufacturing facility in Pakistan. If I have to bomb japanese assembling plants in Pakistan personally i will not hesitate in doing so. Even i will have a AK47 and just go kill everyone and then go to those elite people who give permissions for these assembling plants and shot them along with their families. I hate assembling plants and I love local manufacturing. I think someone should have to do it. Someone must kick these japanese companies out of Pakistan and bring in Chinese companies. I love China. Long Live China Pakistan brotherhood. Long Live CPEC. Long Live chinese people.
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Adil Jun 13, 2023 08:49pm
@test, typical suicide bomber mentality that keeps investment away from our country. Who will give jobs and invest it you keep doing this
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