The Pak Sukuzi Motor Company (PSMC) announced on Monday that all of its production facilities will be shut down due to a shortage of inventory as a result of a ban on the import of auto parts.
The decision will be effective from 2nd January to 6th January 2023.
Head of Public Relations and official spokesperson, Shafiq Ahmed Shaikh revealed that it is very critical time for Pak Suzuki due to import restrictions and also no future information till how much more time these restrictions will continue.
PSMC, in a statement sent to the Pakistan Stock Exchange (PSX), expressed that the State Bank of Pakistan (SBP) has introduced a mechanism for prior approval for import under “HS code 8703 category (including completely knocked down – CKDs) vide circular No.09 of 2022 dated May 20, 2022”.
Shafiq Ahmed Shaikh said that “Our dealerships and vendors are also very disturbed due to no sales and production respectively.”
Pak Suzuki Motor Company Limited has requested to Government of Pakistan to please have discussion with industry to solve the matter on urgent basis.
According to PMSC “Restrictions had adversely impacted clearance of import consignment which consequently affected the inventory levels.
“Therefore, due to shortage of inventory level, the management of the company has decided to shut down its plant for the automobile as well as a motorcycle for the period from January 2 to January 6, 2023,” PMSC said.
It should be noted that Suzuki vehicles, pickup trucks, vans, 4x4s, motorcycles, and associated replacement parts are all manufactured, assembled, and sold by PSMC.
Due to the central bank’s limits on the creation of letters of credit (LCs) in the wake of a severe liquidity crunch, the local car industry—which is heavily dependent on imports—is currently experiencing major problems
