Indus Motor Company Limited, the assembler of Toyota vehicles in the country, has decided to close its production plant till October 9, 2023.
In a notice to the Pakistan Stock Exchange (PSX), the company said that based on the current level of inventory of manufactured vehicles, it has decided to close its production plant from September 28, 2023, to October 9, 2023 (both days inclusive).
Previously the company closed its production plant from August 25, 2023, to September 6, 2023. At the time the company said the decision was taken considering low demand and inventory levels.
Moreover, the company also shut down its production plant from July 21, 2023, to August 3, 2023. At the time it said that the company and its vendors continue to face hurdles on import of raw materials and receiving clearance of their consignments on account of challenges in openings of LCs and supply issues by certain foreign vendors. The company said this has disrupted the supply chain of the company and the vendors are unable to supply raw materials and components to the company. Accordingly, the company has insufficient inventory levels to maintain production.
Citing the same reasons, the company also shut down its production plant from June 26, 2023, to June 27, 2023.