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Pak Suzuki Motor Company Ltd. (PSMCL), alleging a “shortage of inventory level,” has announced another stoppage of its car and motorcycle plant in Karachi.
Pak Suzuki shuts down automobile: The party responsible for giving the notice to the Pakistan Stock Exchange (PSX) stated that they would close the motorcycle and vehicle plants from June 22, 2023 to July 8, 2023 due to a low stock level.
According to production and sales volume, Pak Suzuki is Pakistan’s largest automaker. The statement attributed the decision to the ongoing government import restrictions that have negatively impacted the auto industry and led to a shortage of inventory.
It is important to note that Pakistan’s auto industry is still struggling, with several automakers recently declaring full or partial shutdowns and citing a variety of justifications.
Pak Suzuki earlier advised Prime Minister (PM) Shehbaz Sharif to avoid including “new duties and taxes” in the next budget for 2023–2024, pointing to the difficulties and losses associated with these “economic uncertainties.”
In a letter to Prime Minister (PM) Shehbaz Sharif, the auto assembly company detailed its “struggles and losses resulting from economic uncertainties in the country.”
Shafiq Ahmed Shaikh, the head of public relations at Pak Suzuki Motor, disclosed that the company’s first quarter losses of $12.9 billion were a result of severe economic uncertainty.
The letter added that the severe economic and commercial scenario had also affected dealers and vendors, with some already closed and others on the verge of closure. “The company has also been forced to observe numerous No Production Days each month throughout the year,” it said.
The letter continued, “As we are battling for our lives, we implore the Government not to impose any new charges and taxes in the incoming federal budget 2023-24, particularly on up to 1000cc automobiles, the product of the masses.