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Toyota Pakistan shuts down production for 9th time this year

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Indus Motor Company (IMC), the leading assembler of Toyota vehicles in Pakistan, has announced a month-long production shutdown from October 17 to November 17, 2023, citing ongoing inventory shortages.

The well-known assembler of Toyota vehicles in Pakistan Indus Motor Company has once again taken the decision to suspend its production, attributing the move to ongoing inventory shortages.

This marks the ninth time this year that Indus Motor Company has been forced to halt production. In September, the company announced a complete shutdown of its plant, lasting from September 28 to October 9, also citing inventory issues.IMC's latest financial statements reveal a profit-after-tax of Rs9.66 billion in the fiscal year 2023. However, this figure represents a decrease of nearly 39% compared to earnings of Rs15.8 billion in the same period of the previous year.

Additionally, a combination of higher finance costs and a significant increase in car prices has led to a reduction in consumer demand. Waqas Ghani, Deputy Head of Research at JS Research, noted,"The automobile industry in Pakistan is facing demand challenges, primarily driven by high prices, costly auto financing, and a surge in taxes, resulting in a year-on-year decline in sales."

 

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پاکستان تازہ ترین خبریں, پاکستان عنوانات

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