The Ministry of Industry and Production has restored the manufacturing licenses of 3 major companies including Toyota, Honda and Suzuki on Wednesday, reported 24NewsHD TV channel.

According to sources, it is a temporary reinstatement of suspended manufacturing licenses of car manufacturers.

Business plans have been sought from car manufacturers till 31 December 2023, said sources.

Sources said that the action was being taken for non-fulfilment of conditions related to export and localization of vehicles

They further said that automobile companies have not increased production of vehicles locally.

“The car manufacturers failed to meet the 2 percent export requirement”, sources said

Sources said that according to rules car manufacturing companies are bound to manufacture vehicle components and spare parts locally.

Reporter: Waqas Azeem