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Feeling the pinch of economic conditions, Pak Suzuki Motor Company (PSMC) and parts-maker Agriauto Industries Limited separately announced plant shutdowns on Friday.

In its notice to the Pakistan Stock Exchange (PSX), PSMC said: “Due to shortage of inventory level, the management of the company has decided to shut-down its motorcycle plant from September 01, 2023 to September 12, 2023.”

Meanwhile, the automobile plant will remain operative.

During the ongoing year, the Japanese automaker has announced shutdowns over a dozen times. Last month, it said it would keep its motorcycle plant shut till August 31.

It made similar announcements in June and May as well, citing a lack of raw material.

Citing drop in sales and high finance costs, the company announced losses to the tune of Rs9.68 billion in the first six months of FY2022-23.

Pakistan’s auto sector have been facing challenges on several fronts, including high energy costs, political instability and an inability to secure letters of credit for imports amid a severe dollar shortage.

In a similar announcement, Agriauto Industries Limited, a manufacturer of auto parts, on Friday also announced to observe a partial shutdown in September.

“Due to reduction in production volumes of our major customers, the company will be observing partial shutdown during the month of September 2023,” it said in a notice to the PSX.

It added that Agriauto Stamping Company Pvt. Limited, its wholly owned subsidiary, will also observe partial shutdown in September 2023, citing similar reasons.

Despite clinching a last minute programme with the International Monetary Fund (IMF) in July, which provided some breathing space, experts have expressed concern that the economic woes will continue until structural issues behind the constant boom-and-bust cycles are addressed.

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BK Sep 01, 2023 04:42pm
Thanks Bajwa and Munir! Pls continue the important work of persecuting IK.
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SAQIB NAWAZ Sep 01, 2023 05:16pm
Run away,Run away,Run away from this sinking ship
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test Sep 01, 2023 07:47pm
@SAQIB NAWAZ , From the past 3-4 decades all these foreign assembling plants in Pakistan were doing just assembling which means they just imported parts and joined those parts on some real estate which they call assembling plant. They made profits in rupees and then remitted out those rupees in the form of dollars from an already sucked up economy putting Pakistan into further forex imbalance. These foreign assembling plants sucked up the economy just like the Elite class and also these foreign assembling plants were setup by the permission of the elite class and they run these plants because of kick backs and under the table commission deals. You people will never understand the game at the upper hand of the state. Every single politician and dictator who has came to power has gone to begging and lick western shoes for dollars. There is a common pattern from Liaquat to Ayub to Bhutto to Zia to Benazir to Musharraf to Zardari to Nawaz to Niazi which is they were all chosen for begging.
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TidBit Sep 01, 2023 08:07pm
Dont worry SPIC will take care of the problem. Pakistan is in its worst position in 25 years.
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Saeed Khan Sep 02, 2023 01:04pm
This could be more worst if Government will not review and implement cost down policy in its employees entitled, retirement, exposure of export and emphasis to use local product, increase quality of work, time frame,and HPP calculator for each institution and reduce surplus in local and foreign institute also increased foreign local investors in every where country level. Don't run stand and face problem prove your hidden power to save your country be brave
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