Toyota company temporarily shuts down production plant

Published: 05:21 PM, 31 Jan, 2023
Toyota company temporarily shuts down production plant
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Toyota Indus Motor Company has decided to temporarily shut down its plant from February 1 to February 14 due to the non-availability of raw materials and imported parts for new production, reported 24NewsHd TV channel.

In a statement Tuesday, Indus Motor, the assembler and seller of Toyota-brand vehicles in Pakistan, said the company and its vendors continue to face major hurdles in import of raw materials and receiving clearance of their consignments from commercial banks.  

State Bank of Pakistan had directed commercial banks to clear import specific sector goods from January 2, 2023. But, the directive does not include clearing imports of the auto sector, the Indus Motor added. The situation is forcing the company towards a temporary production to shutdown and closure of the company’s plant.”

The company, in a notice sent to the Pakistan Stock Exchange (PSX), revealed that when the company restarts production on February 15, it will do so on a single-shift basis until further notice.

The decision will affect the delivery schedule as the consumers waiting for their vehicles have to wait more.   

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