Honda Atlas Cars –the assembler of Honda automobiles in the country blamed current economic situation for its decision and said that the plant will remain closed from March 9 to 31.
The car maker company said that it would not be able to continue with its production and will be shutting down its plant for the remainder of the month.
The automaker, in a notice sent to the Pakistan Stock Exchange, said that the decision has been taken as the company’s supply chain has been “severely disrupted,” reported Geo News.
“Considering the current economic situation of Pakistan whereby the government resorted to stringent measures including restricting the opening of LCs (letter of credits) for import of CKD (completely knocked-down) kits, raw materials and halting foreign payments, the company’s supply chain has also been severely disrupted by such measures,” the company said highlighting all the reasons for the plant shutdown.
Consequently, it said that the company “is not in a position to continue with its production and ultimately has to shut down its plant from March 9 to March 31.”
Earlier, Pak Sukuzi Motor Company (PSMC) and Indus Motor Company (IMC), the assembler of Toyota-brand automobiles in Pakistan, also announced to completely shut down its production plant.
Source: Economic Times