Islamabad: Pakistan's Suzuki Motor Company Ltd has announced it will keep its motorcycle and four-wheeler plants closed from June 22 to July 8, media reports said.
In a stock filing on Monday, the company said it was suspending production due to a shortage of parts and accessories owing to a mechanism introduced in May 2022 by the State Bank of Pakistan for taking prior approval for the import of completely knocked-down kits, which had adversely affected the clearance of consignments, thus affecting inventory levels, reports Dawn News.
Interestingly, the company had kept its four-wheeler plant shut for over 75 days from August 2022 till June 19.
The company sold 2,958 vehicles in May 2023 compared to 1,474 units in April 2023. However, sales recorded a steep fall of 54pc to 62,354 units in 11MFY23 from 134,270 units in the same period last fiscal year, reports Dawn News.