Suzuki announces to shut down automobile Production Plant

After Honda and Indus Motors, Suzuki Pakistan has announced to shut down its automobile production plant due to restrictions placed by the Central Bank on import of completely-knocked-down (CKD) kits.

In a notification sent to Pakistan Stock Exchange, Suzuki Pakistan said that State Bank of Pakistan had introduced a mechanism for prior approval of import for CKDs.

It said that restrictions had adverselly hit the clearance of import consignments which affected inventory level.

Therefore, the company management had decided to shut down its plants for automobile as well as motorcycle keeping in view the storage of inventory level.

The plant will be shut down for a period from January 2 to January 6, 2022.   

During this period, Suzuki will not produce cars and motorcycles which would affect its production during the month of December 2022.

Yes Pak Suzuki closed its plant from 2nd January to 6th January, 23, company spokesperson said.

He said that it is very critical time for Pak Suzuki due to import restrictions and also no future information till how much more time these restrictions will continue.

Detention, demurrages and kibor+3%.are really hurting our industry, company spokesperson said adding that our dealerships and vendors are also very disturbed due to no sales and production respectively.

The company has requested government of Pakistan to please have discussion with Industry to solve the matter on urgent basis.

The Indus Motor Company (IMC) had also recently announced that it would shut down its production plant from December 20 to December 30, 2022 due to restrictions placed on imports by the Central Bank of Pakistan.

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Earlier, in October this year, Honda Atlas Cars Pakistan Limited (HACPL) had shut down its plant due to restrictions placed by the State Bank of Pakistan.

In October this year, it had informed the Pakistan Stock Exchange (PSX).

With the extension, HACPL’s production was halted for nearly two weeks as a result of the State Bank of Pakistan’s (SBP) administrative oversight of letter of credits for completely-knocked-down (CKD) kits.

The company’s decision to extend non-production days (NPD) through October 15 followed an extension from October 4 through October 12. 

HACPL had not produced automobiles for the majority of the first half of October.