- Agriauto Industries Ltd., a manufacturer of auto parts, announced that it would close its factory in March.
- Due to the current economic downturn, automakers are also suffering production shutdowns.
- The company also has clients in the Pakistani car industry, primarily Suzuki, Toyota, and Atlas Honda.
Agriauto Industries Ltd, a manufacturer of auto parts, informed the Pakistan Stock Exchange (PSX) on Thursday that it would close a portion of its factory in March.
According to the official announcement, its biggest customers, which include auto assemblers, bike manufacturers, and tractor manufacturers, have cut production levels. It also has clients from the Pakistani car industry‘s “big three”: Suzuki, Toyota, and Atlas Honda.
Due to the current economic downturn, automakers are also suffering production shutdowns. Several Pakistani firms have closed in recent months, citing market demand and an inability to keep inventories owing to Letters of Credit (LC) difficulties.
On March 2, the Pakistani rupee plummeted against the US dollar, triggering yet another round of price increases. Lucky Motor Corporation (Kia and Peugeot) and Hyundai Nishat Motors recently raised the cost of their vehicles.
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Several automakers are anticipated to announce price increases very soon as a result of the recent PKR depreciation update.
