HINO (Hinopak Motors Limited) the latest automaker shut down its operations on temporary basis due to restrictions on government’s Import and struggles to continue production.
Automaker, which assembles and manufactures Hino buses and trucks, shared the notice with PSX (Pakistan Stock Exchange) recently.
“Considering the current economic situation of Pakistan, whereby the commercial banks have been advised by the State Bank of Pakistan (SBP) to prioritize/facilitate the imports to essential sectors only, which does not include the auto sector. Consequently, the company has been facing hurdles in opening of LCs for the import of CKDs and other raw materials,” states the notice.
“Accordingly, the company is not in a position to continue with its production activities and has to temporarily shut down its chassis assembly plant from March 24, 2023 to April 04, 2023,” it added.
Pakistan’s auto industry is dependent on imports has been stucked in the midst of a crisis as State Bank of Pakistan unabated rupee depreciation, imposed restrictions on the opening of LCs.
Industries are facing issues in operations as the Pakistan’s reserves remained low.
Really sad to hear that….