On Friday, Indus Motor Company Limited (PSX: INDU) said that the plant would be closed for eight days.
Pakistan Stock Exchange
The business told the Pakistan Stock Exchange (PSX) that it was going to close its production plant.
Which is from July 15, 2024, to July 22, 2024, which includes all three days.
Closure Of Indus Motor
The company said the decision was made because they don’t have many manufactured vehicles in stock.
Right now and are having trouble getting parts and pieces to make vehicles.
If there are any changes to the plan, they will be made, it said.
The company has a license to sell, assemble, and market Toyota and Daihatsu cars in Pakistan. It is also the only company in the country that sells these cars.
Big Three
The three companies that are commonly referred to as the “Big Three,” namely Pak Suzuki, Honda, and Toyota, reported a cumulative volume of approximately 88,000 units for the fiscal year 2023-24.
This figure represents a 21-year low, as stated in a report that was released by JS Research earlier this week.
A number of factors contributed to the significant decline, including decreased demand as a result of decreased consumer purchasing power.
Increase In No. Of Used Automobiles
An increase in the number of used automobiles imported from other countries, and higher car prices as a consequence of currency depreciation and taxes imposed on automobile manufacturers.
According to the report, the Big Three sold a total of 113,346 units during the fiscal year 2022-23.
Chief Executive Officer of Indus Motor
Ali Asghar Jamali, Chief Executive Officer of Indus Motor Company (IMC), made a call to the government a month ago, urging them to take immediate action to curb the influx of imported used cars.
Which he believes are receiving preferential treatment. Jamali’s call came after Jamali made the statement.
Domestic Investments Of $2.5 Billion
Over the course of the fiscal year 2022 alone, Jamali mentioned that the domestic automobile industry had made investments totaling approximately $2.5 billion.
Created approximately 2.5 million jobs both directly and indirectly within the country, and contributed approximately Rs 400 billion to the national exchequer.
Many people, on the other hand, contend that the local automobile industry has not been successful in localizing production and that it is dependent on the exchange rate for maintaining price stability.
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