Islamabad, 30 December 2022 (GNP): The local automobile company subsidiary of the Japanese automobile company Suzuki announced on 26 December 2022 that it will be shutting down its plants for cars and motorcycles from next year.
The span of halting production will be from the 2nd to the 6th of January, as the company told Pakistan Stock Exchange that State Bank had put restrictions on imports of completely knocked-down (CKD) kits which led to an inventory shortage.
In other words, Inventory stock is insufficient to carry out production for received customer orders.
The Head of Public Relations and Official Spokesperson at Pak Suzuki Motor, Shafiq Ahmed Shaikh, stated: “Suzuki will have cumulatively observed twenty-one non-production days for its automotive plant and five days for its motorcycle plant. It is a very critical time for Pak Suzuki due to import restrictions and also no future information till how much more time these restrictions will continue. Detention, demurrages, and KIBOR+3% are really hurting our industry.”
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He continued saying, “Our dealerships and vendors are also very disturbed due to no sales and production respectively. Request to the Government of Pakistan to please have a discussion with Industry to solve the matter on an urgent basis.”
The company was founded in September 1982 thirty-nine years ago, as a joint venture between Pakistan’s Government and Suzuki Motor Japan. It has remained one of the major automobile producing firm and market shareholders to this day.
