Pak Suzuki Motor Company (PSMC) has decided to extend the closure of its automobile and motorcycle plant until July 19 due to insufficient inventory. This information was shared in a notice to the Pakistan Stock Exchange.
Initially, PSMC had planned to shut down its plants until July 15. The company previously faced a shutdown from May 2 to May 9 due to a shortage of raw materials. PSMC, known for assembling Suzuki vehicles in Pakistan, recently reported its highest-ever quarterly loss of Rs12.9 billion in the first quarter of 2023.
The automotive sector in the country has been encountering various challenges, including import restrictions and limited issuance of Letters of Credit (LC). However, the central bank has recently lifted import restrictions to provide support to the industrial sector.