Indus Motor Company Limited (PSX: INDU) has temporarily suspended production operations till September 30, 2024.
The company is currently experiencing low levels of raw material and component inventory and is facing ongoing supply chain challenges. This has resulted in a shortage of parts and components necessary for vehicle production. As a result, the company is unable to meet its production requirements, INDU said in a stock filing on Thursday.
“Consequently, the Company has decided to temporarily suspend operations at its production plant from September 26, 2024, to September 30, 2024, both days inclusive,” it added.
INDU was formed in accordance with the terms of a Joint Venture agreement concluded amongst certain House of Habib companies, Toyota Motor Corporation and Toyota Tsusho Corporation for the purposes of assembling, progressive manufacturing and marketing of Toyota vehicles.
The Company also acts as the sole distributor of Toyota vehicles in Pakistan and has a license for assembling, progressive manufacturing, and marketing of these vehicles in Pakistan.
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it is also surprising, and no one took it seriously that Toyota is manufacturing vehicles and supplying in Pakistan but cannot export from Pakistan like India has been doing. All the foreign companies come to Pakistan after getting huge profit, but as the incompetent governments always prove that they are incompetent and cannot bind any foreign companies to produce and export also from Pakistan to earn revenue for this country.