Pak Suzuki announces to shut down its production plant
After Toyota, Pak Suzuki also announced to close of its plant in the country.
A day earlier, the Pak Suzuki Motor Company Ltd (PSMCL) announced to keep its production activities suspended from Jan 2-6, 2023 citing a shortage of completely-knocked down (CKD) kits.
Read more: Indus Motor announces to shut down its production plant
The company stated that its assembly plant two-wheelers will also remain closed during this period.
In a stock filing on Monday, the PSMCL company said the State Bank of Pakistan on May 20 introduced a mechanism for prior approval for import under HS Code 8703 category (including CKDs) which had adversely affected the clearance of imported consignments thus affecting the inventory levels.
Other assemblers and vendors have also been shutting down their productions in the country due to the unavailability of raw materials amid import restrictions and exchange rate volatility.