Indus Motor Company Limited informed the PSX on Wednesday that its production unit would be closed from March 6 to March 11, 2024.
“Based on the current low level of inventory of manufactured vehicles, and shortage of parts and components for manufacturing of vehicles, due to supply chain challenges, the Company has decided to close its production plant from 6th March 2024 to 11th March 2024 (both days inclusive,” according to the filing with the stock exchange.
“In case of any change in plan will be updated accordingly,” the statement said.
This is Indus Motor’s first indication that production will end this year, in 2024.
Earlier in August, Indus Motor Company Limited shut down its operations from August 25 to September 6, 2023, due to supply chain issues.
In a letter to the general manager of the Pakistan Stock Exchange (PSX), IMC management stated that production will be halted from August 25 to September 6 due to “delay in opening of Letters of Credit (LC) and inventory shortages”.
As a result, the company does not have enough inventory and is unable to continue operations.
