The auto industry continues to face challenges as Indus Motor Company (IMC), the assembler of Toyota vehicles in Pakistan, has announced a production shutdown citing inventory shortages.
IMC has suspended production for a period of one month, from 17th October to 17th November. “In case of any change in plan will be updated accordingly,” the company said in a statement.
It is important to note that today’s announcement marks the ninth time Toyota IMC has stopped production this year. Previously, it halted the production from 28 September to 9 October.
The government’s decision to curb imports and restrict the issuance of LCs has badly affected the auto industry as it hugely relies on imports. Furthermore, the low sales due to the skyrocketing prices have also contributed to their woes.