Pakistan’s biggest carmaker Indus Motors shuts down plant due shortage of dollars for foreign exchange
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Pakistan’s biggest carmaker Indus Motor Company Monday wrote a letter to the Pakistan Stock Exchange (PSE) announcing the shutting down of the production plant for 11 days due to a shortage of parts and raw materials.
Toyota and Daihatsu manufacturers wrote a letter to the Stock Exchange stating that the non-availability of foreign exchange has caused major issues for the plant to sustain production activities.
Moreover, the State Bank’s newly introduced mechanism for obtaining approval prior to the import of raw materials and car parts has majorly affected the motorcar sector.
The delay caused by the time taken for approval created hurdles for the company and its vendors while importing car parts and raw materials and then clearance of the consignments.
The letter stated that the abovementioned issues impacted the supply chain and the production adversely and the manufacturers are unable to continue production for 11 days from the 20th till the 30th of December, 2022.
