KARACHI – The Indus Motors Company (IMC), the assembler and seller of Toyota-brand vehicles in Pakistan, has decided to “completely” shut down its production plant in the country from February 1-14 due to restrictions on import.
The automaker has informed the general manager of the Pakistan Stock Exchange, stating that the government had directed the commercial banks to facilitate the imports to the certain sectors, which does not include auto industry.
“The company and its vendors continue to face major hurdles in import of raw materials and receiving clearance of their consignments from commercial banks,” Geo News quoted the letter as having said.
It said the company was unable to import raw material and components for the vehicles.
“Accordingly, the company has insufficient inventory levels, therefore, the company is unable to continue its production activities,” the notice read. The plant will remain closed completely from February 1 to 14.
From Feb 15, the production will be reduced to single shift until further notice.
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