Pak Suzuki Extends Plant Closure on Inventory Shortages Till Jan 20

Pak Suzuki Motor Company (PSMC), one of the country’s largest car manufacturers, once again extended its closure till January 20 owing to inventory shortages.

The production activities of the automobile company have remained suspended for most days since the start of the new year, blaming a dearth of imported parts and accessories, as banks are rejecting or retiring letters of credit (LCs) amid US dollar scarcity, exchange rate crisis, and fast-depleting foreign reserves of the country.

“Due to continued shortage of inventory level, the management of the company has decided to extend the shutdown of automobile plant from January 16, 2023 to January 20, 2023,” PSMC stated in an announcement to the Pakistan Stock Exchange (PSX).

However, the motorcycle plant would remain operative, it added.