Park Suzuki Motor Company (PSMU) on Friday announced its decision to close its motorcycle factory for 12 days, citing a lack of inventory as the main reason.
In a notification to the Pakistan Stock Exchange (PSX), PSMC said the management has decided to close the motorcycle plant from March 20 to March 31 due to inventory shortage.
The two-wheeler maker explained that the auto plant is operational.
The company is a designer, manufacturer and marketer of Suzuki cars, pickups, vans, 4x4s and motorcycles, as well as related spare parts. In addition, the Suzuki brand itself is from Japan.
Last month, PSMC temporarily shut down its car plant February 13-17then start again February 20-21citing inventory shortages at the time.
The company said at the time that the State Bank of Pakistan’s (SBP) import pre-approval mechanism had “adversely impacted the clearance of import cargo, resulting in an impact on inventory levels”.
Pakistan’s auto industry, which is heavily dependent on imports, is in the middle of a crisis as the SBP imposed restrictions on opening letters of credit following the rupee’s devaluation. Industries are facing disruptions as the country’s reserves remain low.
Last week, Honda Atlas Cars Pakistan Limited announced the longest plant shutdown of any automaker in the country during the current economic crisis.
The company, a unit of Japanese auto giant Honda Motor Co Ltd, said its plant will be closed from March 9, 2023 to March 31, 2023.