Pak Suzuki Motor Company Limited (PSMC), the assembler of Suzuki automobiles in the country, has announced a 16-day shutdown of its motorcycle plant.
PSMC shared the development in a notice to the Pakistan Stock Exchange (PSX) on Monday.
It said that “due to shortage of inventory level, the management of the company has decided to shut-down motorcycle plant from July 31, 2023 to August 15, 2023.”
Its automobile plant will remain operative.
PMSC is the assembler, manufacturer, and marketer of Suzuki cars, pickups, vans, 4x4s and motorcycles as well as related spare parts. The Suzuki brand itself is from Japan.
Last month, PSMC announced the closure of its automobile and motorcycle plant from June 22 to July 08, which was extended till July 19.
PSMC had earlier closed its motorcycle plant till June 16, 2023. The auto assembler closed both its automobile and motorcycle plant from May 2 to May 9, due to a lack of raw material.
The automobile plant was also shut from April 7 to April 28.
Back in April, the auto manufacturer recorded its highest-ever quarterly loss of Rs12.9 billion in the first three months of 2023 owing to a decrease in sales and high finance cost. The car manufacturing firm had booked a loss of Rs460.227 million in the same period last year.
Pakistan’s auto sector is currently facing several crises. Other listed companies, such as Indus Motor Company Limited and Honda Atlas Cars, have also had to halt production in recent months due to economic difficulties.
The country’s auto sector, hugely dependent on imports, has been hit hard by the government’s decision to curb imports and restrict the issuance of Letters of Credit (LC). Additionally, higher finance costs and massive increases in car prices have also reduced demand from consumers.