Indus Motor Company Limited, the country’s Toyota vehicle assembler, has decided to close its plant until October 9, 2023.
Closure of Toyota Vehicle Assemble
According to a notice to the Pakistan Stock Exchange (PSX), the company has decided to close its production plant.
And it’s from September 28, 2023 to October 9, 2023 (both days inclusive) due to the current level of inventory of manufactured vehicles.
Inventory of Manufactured Vehicles
Previously, the company shut down its manufacturing plant from August 25 to September 6, 2023. The company stated at the time that the decision was made due to low demand and inventory levels.
Furthermore, the company will close its manufacturing plant from July 21, 2023 to August 3, 2023.
LCs and Supply Issues By Certain Vendors
It was stated at the time that the company and its vendors continue to face challenges in importing raw materials and receiving clearance of their consignments due to difficulties in opening LCs and supply issues by certain foreign vendors.
According to the company, this has disrupted the company’s supply chain, and vendors are unable to supply raw materials and components to the company.
As a result, the company’s inventory levels are insufficient to maintain production. The company also shut down its production plant from June 26, 2023 to June 27, 2023, citing the same reasons.
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