Tuesday, July 16, 2024

Pak Suzuki Announces Temporary Shutdown of Automobile, Motorcycle Plants

Recently, PSMC (Pak Suzuki Motor Company) announced the shutdown of its plants from 2 January 2023 to 6 January 2023.

The firm has sent a notice to PSX (Pakistan Stock Exchange) stating that SBP (State Bank of Pakistan) has introduced a procedure for prior approval for imports under HS code 8703 category (including CKDs) vide circular No.09 of 2022 dated May 20, 2022.

“Restrictions had adversely impacted clearance of import consignment which resultantly affected the inventory levels.

“Therefore, due to shortage of inventory level, the management of the company has decided to shut down its plant for automobile as well as motorcycle for period from January 02, 2023 to January 06, 2023,” said PMSC, which is engaged in the assembling, progressive manufacturing and marketing of Suzuki cars, pickups, vans, 4x4s and motorcycles and related spare parts.

Auto industry of Pakistan is mostly dependent on imports and has been in the midst of an exchange rate crisis due to the SBP after unabated rupee decreased, imposed restrictions on the opening of LCs (Letters of Credit).

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