Pak Suzuki extends plant shutdown

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Pak Suzuki, plant shutdown

KARACHI: After keeping production activities suspended from June 22 to July 8, Pak Suzuki Motor Company Ltd (PSMCL) has extended plant shutdown due to a ‘continued shortage of inventory level’, ARY News reported.

Pak Suzuki, which is Pakistan’s largest carmaker by production and sales volume, shared the development in its notice to the Pakistan Stock Exchange (PSX) on Friday.

In the stock filing, the automaker said the decision was made as the automaker faces a shortage of inventory.

“Due to continued shortage of inventory level, the management of the company has decided to extend the shut-down motorcycle and automobile plant till July 19, 2023,” read the notice to PSX.

PSMC had earlier closed its motorcycle and automobile plant till July 15, 2023. The auto assembler also closed both its automobile and motorcycle plant from May 2 to May 9, due to a lack of raw material.

It is pertinent to mention here that Pakistan’s auto sector remains engulfed in various crises, with a number of automakers announcing complete or partial shutdowns in recent months citing various reasons.

Read More: Pak Suzuki extends automobile plant shutdown

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.

Earlier, Pak Suzuki urged Prime Minister (PM) Shehbaz Sharif not to impose “new duties and taxes” in the upcoming budget 2023-24, highlighting its struggles and loses due to ‘economic uncertainties’.

 

 



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