The local automotive industry is having difficulties because of the current economic crisis, like most businesses. The Toyota Indus Motor Company (IMC) recently made the decision to halt vehicle production for the second time this year.
From March 24, 2023, through March 27, 2023, the corporation will observe four non-production days (NPDs). Due to limited stock, the company will also continue to produce in a single shift beginning on March 28, 2023.
Toyota’s Official Notice:
The Pakistani auto sector has suffered greatly over the past few months due to an unrelenting economic crisis, which has slowed down many operations, including vehicle production and sales.
The largest truck manufacturer in Pakistan, Hinopak Motors Limited, warned the Pakistan Stock Exchange (PSX) last week that its production facility would be shut down for 12 days. From March 24 to April 4, there will be a partial government shutdown.
The automotive industry is suffering from a lack of foreign currency and issues with the supply of parts. Due to decreased demand and output last month, auto sales fell once more.
The Pakistan Automotive Manufacturers Association (PAMA) reported in February that automakers (association members only) sold only 5,762 vehicles in total in February 2023, a decline of 47% from the previous month but a 73% decrease from the previous year.
Due to decreased sales, auto financing also decreased for the eighth consecutive month. According to experts, the situation will likely stay dire for some time.
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