Follow Us on Google News
Amid ongoing shortages of raw materials and components due to imports curbs, the Indus Motor Company Limited (INDU), the assembler and seller of Toyota-brand vehicles in Pakistan, has once again decided to shut production from March 24 to March 27.
The automaker shared the development in a notice to the Pakistan Stock Exchange (PSX) on Friday.
According to Indus Motor, challenges with commercial banks’ inability to open Letters of Credit (LCs) for raw materials have made it difficult for the company and its suppliers to import raw materials and receive approval for their shipments.
“This has disrupted the supply chain of the company and its vendors are unable to supply raw materials and components to the company. Accordingly, the company has insufficient inventory levels to maintain production, therefore the company is unable to continue its production activities,” read the notice.
Therefore, “the company has decided to completely shut down its production plant from 24th March, 2023 to 27th March 2023 (both days inclusive)”.
This is Indus Motor’s second announcement of production closure this year. Earlier, the company announced a complete shutdown of its plant from February 1 to February 14, citing an inventory shortage.
Last month, it offered a full refund with interest to its customers due to a production dip expected in February and March.
