Indus Motors rebuts plant shutdown reports

Indus Motors rebuts plant shutdown reports

KARACHI: Indus Motors Company Limited (IMC), the manufacturer of Toyota motors in Pakistan, on Wednesday strongly rebuts the news reports about complete shutdown of its plants.

In a communication sent to Pakistan Stock Exchange (PSX), the company said IMC acknowledged the auto sector is facing unprecedented difficulties in its operations due to ongoing economic challenges and factors beyond the control of automobiles manufacturers.

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“The unprecedented devaluation of Pakistan Rupee (PKR), coupled with restrictions imposed by the State Bank of Pakistan (SBP) regarding prior LC approval for Completely Knocked Down (CKD) imports and continuing financing instability has radically impacted the auto industry,” the company said.

The company clarified that as of today (July 27, 2022), there are no plans fixed for complete plant shutdown for more than two weeks in the month of August 2022.

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“The production schedule of the company and any non-production days remain contingent on a number of external and variable factors,” the company said.

The company is actively monitoring its production and operations, and is closely working with the government and the SBP to alleviate the present challenges.

The company in its communication said that in the event that there is any material update regarding the aforesaid matter, it will be timely communicated to the PSX as per the requirement of PSX regulations.

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