Operational troubles continue to pound Pak Suzuki Motor Company (PSMC) which has announced another series of non-production days (NPDs) for January 2023.
A recent notification highlights that the company will halt its production and assembly operations from January 2-6, 2023, due to the State Bank of Pakistan’s (SBP) restriction on automotive imports.
The company states that the non-approval of the letter of credit has created hurdles in importing knockdown kits, causing inventory problems for them.
The notification reads:
According to previous reports, SBP delayed the LC approval for CKD imports, which caused production and delivery delays. These issues also caused Toyota IMC, and several other automakers to observe non-production days (NPDs) to adjust accordingly.
The new steps from SBP are pummeling the local car industry as multiple automakers are observing production halts to cope with the ongoing economic and administrative hurdles. Market rumors are also hinting at a mass exodus of car companies if the situation stays volatile.