Toyota’s assembler IMC (Indus Motor Company) automobiles in Pakistan confirmed that they would shutdown it’s production plant in between last 10 days of the year completely, citing its struggle with delays pertaining to approval for imports.
The firm shared the development notice issued to the Pakistan Stock Exchange (PSX) recently.
The firm said, “the State Bank of Pakistan (SBP) introduced in May a mechanism, via a circular, for obtaining prior approval for import of Completely Knocked Down (CKD) kits and components of Passenger cars (HS Code 8703 category) for the auto sector.”
“(However) the delay in aforesaid approvals for the company and its vendors has created hurdles in import and clearance of consignments for raw materials and components of the company,” stated the company in the notice.
“This has resulted in insufficient inventory levels and consequently created an adverse impact on the supply chain and production activities,” the firm stated involving that it is not possible to continue its production activities.
“In the light of the above, the company has decided to completely shut down its production plant from December 20, 2022 to December 30, 2022 (both days inclusive),” it said.
