Karachi: Indus Motor Company (IMC), assembler of Toyota vehicles in Pakistan has once again announced that it will shut production citing inventory shortages.

This time production will be suspended from September 28 to October 9. Automaker shared development in its notice to Pakistan Stock Exchange. "Based on current level of inventory of manufactured vehicles, company has decided to close its production plant from 28 September 2023 to 9 October 2023 (both days inclusive)," company said in PSX statement. "In case of any change in plan will be updated accordingly," added company.

This is Indus Motor's eighth announcement of production closure this year. Earlier, company announced complete shutdown of its plant last month from August 25 to September 6 citing inventory issues.

Country's auto sector, hugely dependent on imports has been hit hard by government's decision to curb imports and restrict issuance of LCs. Additionally, higher finance cost and massive increase in car prices have also reduced demand from consumers.

Published in The Daily National Courier, September, 28 2023

Like Business on Facebook, follow @DailyNCourier on Twitter to stay informed and join in the conversation.