Toyota announces to close auto plant for 14 days
Indus Motor Company (– which assembles automobiles manufactured by Toyota in Pakistan – has announced to close its automobile plant for 14 days for the first half of February.
In a submission made to the Paksistan Stock Exchange on Tuesday, Indus Motor Company (INDU) Company Secretary Muhammad Arif Anzer stated that the after the government decided that commercial banks were told not to prioritize the auto sector for import of raw materials, the company and its vendors were facing a supply chain issue.
They were facing a major hurdle in importing items and getting imported items cleared from commercial banks.
“This has disrupted the entire supply chain and the vendors are unable to ssupply raw materials and components to the company,” the notice read.
It added that consequently, the company has insufficient inventory levels and is unable to continue production activities.
“The company has decided to completely shut down its plant from February 1, 2023 to February 14, 2023.”
From February 15, t he company said, it will resume production but on “single-shift basis”.