New Delhi: Pak Suzuki Motor Company Ltd has announced the closure of its motorcycle and four-wheeler plants from June 22 to July 8, 2023.
According to a stock filing on Monday, the company mentioned shortage of parts and accessories as the reason for the suspension. A mechanism was introduced in May 2022 by the State Bank of Pakistan for taking prior approval for the import of completely knocked-down kits and it claims to have seriously affected the clearance of consignments, thus affecting inventory levels.
Pak Suzuki is Pakistan’s largest carmaker by production and sales volume. The company had previously shut its four-wheeler plant for over 75 days from August 2022 till June 19.
According to reports, the company sold 2,958 vehicles in May 2023 compared to 1,474 units in April 2023 recording a steep fall of 54% to 62,354 units in 11MFY23 from 134,270 units in the same period last fiscal year.
According to reports, Pak Suzuki Motor, Head of Public Relations, Shafiq Ahmed Shaikh said that the company suffered losses of PKR 12.9 billion in the first quarter of the current year due to economic uncertainties. The car assembly company had reportedly urged Prime Minister Shehbaz Sharif requesting not to impose new duties and taxes in the upcoming budget 2023-24, highlighting struggles and losses due to certain economic uncertainties.
