PSMC shuts down motorcycle plant

KARACHI: Pak Suzuki Motor Co Ltd (PSMC) has announced the shutdown of its motorcycle plant for 12 days, a bourse filing said on Friday.

The decision was made due to the persistent shortage of raw materials, the company said in the notice sent to the Pakistan Stock Exchange. However, the company’s automobile plant will continue to operate.

PSMC secretary said, “Due to shortage of inventory level, the management of the company has decided to shut down the motorcycle plant from March 20, 2023, to March 31, 2023. However, the automobile plant will remain operative.”

Earlier, the company had shut down the automobile plant from February 20 to February 21, 2023.

The company has faced several temporary shutdowns since July last year due to hindrances in the import of raw materials, which was caused by a decline in the forex reserves in the country. Problems in opening letters of credit have disrupted the raw material imports of several sectors, including the automobile manufacturers. This has also resulted in non-productive days for the auto sector. Thus, they have been operating on fewer days.