Like all industries, the automotive sector of Pakistan is struggling due to the ongoing economic crisis. In the latest development, Toyota Indus Motor Company (IMC) has suspended vehicle production for 14 days.
The company will observe non-production days (NPDs) from February 1, 2023, to February 14, 2023. Furthermore, starting from February 15, 2023, the company will move to single-shift production due to limited stock.
An official notification from Toyota IMC reads:
The company and its vendors continue to face major hurdles in import of raw materials and receiving clearance of their consignments from commercial banks. This has disrupted the entire supply chain and the vendors are unable to supply raw materials and components to the company. Accordingly, the company has insufficient inventory levels, therefore, the company is unable to continue its production activities.
Toyota has already increased the prices of its cars twice within a month. The ongoing economic deterioration has created uncertainty, bringing the auto industry’s fate into question.
