Indus Motor announces to shut down its production plant
The automaker shared the development in a notice sent to the Pakistan Stock Exchange (PSX)
Indus Motor Company (IMC), the assembler of Toyota-brand automobiles in Pakistan, on Monday announced to shut down its production plant temporarily!
The automaker shared the development in a notice sent to the Pakistan Stock Exchange (PSX) earlier in the day.
The company said that it will completely shut down its production plant from December 20 to December 30, citing its struggle with delays pertaining to approval for imports.
According to the automaker company, the State Bank of Pakistan (SBP) introduced in May a mechanism, via a circular, for obtaining prior approval for the import of Completely Knocked Down (CKD) kits and components of Passenger cars (HS Code 8703 category) for the auto sector.
“(However) the delay in aforesaid approvals for the company and its vendors has created hurdles in import and clearance of consignments for raw materials and components of the company,” said the company in the notice.
“This has resulted in insufficient inventory levels and consequently created an adverse impact on the supply chain and production activities,” the company said, adding that it is unable to continue its production activities.
“In light of the above, the company has decided to completely shut down its production plant from December 20, 2022, to December 30, 2022 (both days inclusive),” the automaker said.