Indus Motors Company – the producers of Toyota cars in Pakistan – on Tuesday announced to completely shut down its plants from February 01, 2023 due to shortage of raw material.
The company in a communication sent to Pakistan Stock Exchange (PSX), said that in light of the recently introduction mechanism through a circular No. 20 of 2022 dated December 27, 2022, (effective from January 02, 2023), commercial banks have been advised to prioritize / facilitate the imports to specified sectors only.
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The specified sectors do not include auto sector. 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.
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Accordingly, the company has insufficient inventory levels, therefore, the company is unable to continue its production activities.
The company has decided to completely shut down its plant from February 01, 2023 to February 14, 2023.
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Moreover, the company has also decided to start its production on single shift basis from February 15, 2023, unit further notice, it added.