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Pak Suzuki Motor Company (PSMC) has decided to extend the shutdown of its automobile and motorcycle plant till July 19.

The automaker shared the development in its notice to the Pakistan Stock Exchange (PSX) on Friday.

It said the decision was made as the automaker faces a shortage of inventory.

“Due to continued shortage of inventory level, the management of the company has decided to extend the shut-down motorcycle and automobile plant till July 19, 2023,” read the notice to PSX.

PSMC had earlier closed its motorcycle and automobile plant till July 15, 2023. The auto assembler also closed both its automobile and motorcycle plant from May 2 to May 9, due to a lack of raw material.

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 import curbs and restrictions in the issuance of Letters of Credit (LC).

Last month, the central bank announced the withdrawal of all restrictions on imports to facilitate the industrial sector.

In December last year, the SBP asked banks to prioritize/facilitate imports related to essential items, energy, agriculture inputs, imports by export-oriented industries, and imports on a deferred payment basis.

Comments

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Abdullah Jul 07, 2023 06:32pm
Not many people want to buy scrap for the amount they ask. What they assemble in pakistan wont be allowed any where in the world.better close it.
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khan riaz ahmed Jul 07, 2023 07:06pm
THIS IS THEIR OWN FAULT, THESE COMPANIES HAS PLAYED WITH PAKISTAN, THEY FAILED TO TRANSFER TECHNOLOGY TO PAKISTAN AND ALSO FAILED TO ACHIEVE THE LEVEL OF INDIGINIZATION COMMITTED BY THEM. THEY DID IT WITH THE HELP OF CORROUPT PAKISTANI POLITICAIN AND GOVERNMENT OFFICIAL. COMPARE WITH INDAI AND WE AHOULD BE ASHAMED OF THIS WHAT THESE AUTOMAKER HAVE DONE IN PAKISTAN, HOW THEY LOOTED US.
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Iftikhar Jul 09, 2023 02:17pm
Please close down you company shutter because your vehicles price are expensive whareas dollar price decrease but you did not decrease the price of vechle on same time.
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