KARACHI: Hino Motors on Tuesday announced to temporarily shut down its Chassis assembly plant in Pakistan for 15 days due to shortage of raw material.
Hinopak Motors Limited informed the Pakistan Stock Exchange (PSX) that considering the current economic situation of the country, whereby the commercial banks have been advised by the State Bank of Pakistan (SBP) to prioritize / facilitate the imports to essential sectors only, which does not include the auto sector.
“Consequently, the company has been facing hurdles opening of Letters of Credit (LCs) for the import of CKD (completely knocked down) and other raw material.”
Accordingly, the company is not in a position to continue with its production activities and has to temporarily shut down its chassis assembly plant from March 24, 2023 to April 04, 2023.
