Feeling the pinch of economic conditions, Pak Suzuki Motor Company (PSMC) and parts-maker Agriauto Industries Limited separately announced plant shutdowns on Friday.
In its notice to the Pakistan Stock Exchange (PSX), PSMC said: “Due to shortage of inventory level, the management of the company has decided to shut-down its motorcycle plant from September 01, 2023 to September 12, 2023.”
Meanwhile, the automobile plant will remain operative.
During the ongoing year, the Japanese automaker has announced shutdowns over a dozen times. Last month, it said it would keep its motorcycle plant shut till August 31.
It made similar announcements in June and May as well, citing a lack of raw material.
Citing drop in sales and high finance costs, the company announced losses to the tune of Rs9.68 billion in the first six months of FY2022-23.
Pakistan’s auto sector have been facing challenges on several fronts, including high energy costs, political instability and an inability to secure letters of credit for imports amid a severe dollar shortage.
In a similar announcement, Agriauto Industries Limited, a manufacturer of auto parts, on Friday also announced to observe a partial shutdown in September.
“Due to reduction in production volumes of our major customers, the company will be observing partial shutdown during the month of September 2023,” it said in a notice to the PSX.