ARY News reported that Pak Suzuki Motor Company Ltd. (PSMCL) has announced yet another closedown of its car and motorbike assembly factory, citing a ‘shortage of inventory level.’
According to a notice given to the Pakistan Stock Exchange (PSX), the motorcycle and vehicle plants will be closed from June 22, 2023, to July 8, 2023, due to a shortage of inventory. The decision was reached by Pak Suzuki, the biggest automaker in Pakistan in terms of production and sales, as a result of continuing import restrictions from the government that has had a negative impact on the auto industry, causing a lack of inventory.
It is important to note that Pakistan’s auto industry continues to be plagued by several crises, with several automakers recently declaring full or partial shutdowns while citing various justifications. Before this, Pak Suzuki warned Pakistan’s Prime Minister Shehbaz Sharif not to include ‘new duties and taxes’ in the upcoming budget for 2023–2024, emphasizing the difficulties and losses associated with these ‘economic uncertainties.’ The auto assembly company wrote a letter to Prime Minister Shehbaz Sharif, describing its struggles and losses as a result of the economic unpredictability in the nation.
Shafiq Ahmed Shaikh, Head of Public Relations at Pak Suzuki Motor, disclosed that the firm experienced enormous losses of $12.9 billion in the first quarter of the current year due to the uncertain economic climate. The letter stated, “The company has also been forced to observe numerous ‘No Production Days’ each month throughout the year. The dire economic and business situation has also affected dealers and vendors, with some already closed and others on the verge of closure.” The letter continued, “As we struggle to survive, we implore the Government not to impose any new charges and taxes in the upcoming federal budget 2023–24, particularly on up to 1000cc automobiles, which are products for the masses.”
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