- Indus Motors will shut down production for 10 days
- It cited the lack of spare parts for auto sector
- The plant will be closed from 20-30th December
KARACHI: Indus Motors, the largest carmaker in the country, has announced to shut down operations for ten days from December 20.
The maker of Toyota vehicles said the decision has been made due to the shortage of foreign exchange in the country amid the decline in reserves and the lack of spare parts for the auto sector.
Indus Motor Company (IMC) sent a notice to the Pakistan Stock Exchange informing about the decision to shut down production.
It said the State Bank of Pakistan (SBP) introduced a mechanism on May 20, 2022, for obtaining prior approval for the import of components and spare parts of passenger cars for the auto sector.
It said the delay in the approvals for the company and its vendors has created hurdles in import and clearance of consignments of raw materials and components.
The company said this has resulted in insufficient inventory levels and created an adverse impact on the supply chain and production activities. Therefore, the company is unable to continue its production activities.
It announced to completely shut down production at its plant from 20-30th December.
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