Pak Suzuki Motor Company (PSMC) – one of the country’s largest automakers – on Friday announced its decision to extend the shutdown of its automobile plant, citing inventory shortage as a major reason.
In a letter sent to the Pakistan Stock Exchange (PSX), the Japanese carmaker said that “Due to continued low inventory levels, the company’s management has decided to extend the automobile shutdown from February 20, 2023 to February 21, 2023.” Decided., 2023.
However, the Japanese automaker said the motorcycle plant will remain operational.
This is the fifth announcement to put a brake on its production activities in 2023 – first from January 2 to 6, then from January 9 to 13, then from January 16 to 20, and later from February 13 to 17.
PMSC is a local assembler, manufacturer and marketer of Suzuki cars, pickups, vans, 4x4s and motorcycles as well as related spare parts. The Suzuki brand itself is from Japan.
The lack of dollars in the market is making it difficult for import-oriented businesses to survive as the government has so far failed to increase its foreign exchange reserves, which are at a critical level of about $3 billion. But that is enough for less than a month. of imports.
Pakistan’s business leaders are calling on the cash-strapped government to allow manufacturing materials stranded at Karachi’s main port to enter the country, warning that failure to lift import bans could leave millions homeless. There will be jobs.
Faced with extremely low US dollar reserves, the government has banned all essential food and medicine imports until a lifeline bailout is agreed with the International Monetary Fund (IMF).
Rising inflation, rising fuel prices and depreciating rupee along with scarcity of raw materials have hurt manufacturing industries.
