The Indus Motor Company, responsible for the assembly of Toyota vehicles in Pakistan, has decided to halt its production operations from August 25 until September 6.
The reason cited for this temporary suspension is a notable decline in demand, attributed to reduced purchasing power among consumers.
The company’s announcement regarding this development was disclosed through an official communication to the Pakistan Stock Exchange (PSX) on Thursday.
During the fiscal year 2022-2023, the auto industry faced persistent challenges due to an unfavorable economic landscape, characterized by diminished consumer buying capacity and an upswing in taxes and duties imposed by the federal government.
Read more: India set to ban sugar exports for first time in 7 years
The culmination of these factors has led to a consistent downturn in the demand for automobiles.
Given the prevailing circumstances of sluggish demand and manageable inventory levels, the company has decided to initiate a temporary shutdown of its production plant. The shutdown is scheduled to span from Friday, August 25 up to and including Wednesday, September 6.
