Karachi: Indus Motors Company (IMC), maker of Toyota vehicles has decided to “Completely” shut down its production plant in country from February 1-14, citing “Insufficient inventory levels” as reason.

In letter addressed to General Manager of Pakistan Stock Exchange, IMC management said that in light of recently introduced mechanism vide EPD Circular 20 of 2022 December 27, 2022 (effective from January 2), commercial banks were advised to prioritise/facilitate imports to specified sectors only, which does not include auto sector.

“Company and its vendors continue to face major hurdles in import of raw materials and receiving clearance of their consignments from commercial banks,” notice read.

Toyota manufacturer mentioned that these laggards have disrupted entire supply chain and vendors are unable to supply raw materials and components to company. Moreover, company has decided to start its production on “Single shift” basis from February 15 until further notice.

Published in The Daily National Courier, February, 01 2023

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