The country’s leading Automotive brand, Pak Suzuki Motors (PSMC) announced on Thursday that it would not be P[producing and booking motorcycles across the country until further notice due to issues with procurement and production following back-to-back plant closures as a result of the ongoing inventory shortage and economical crisis.
The automaker officials stated that the booking suspension would take effect on Friday.
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In a letter to dealers, the company stated, “Under the current economic conditions, import-based supply chain constraints, and uncertain production possibilities, we are unable to serve new customers.”
As a result, bookings for our motorcycle products will cease effective by 20th January 2023. However, bookings will resume as soon as the conditions improve for serving new customers.
The rupee has fallen, inflation has reached high levels for decades and Pakistan’s economy has collapsed alongside a political crisis. However, devastating floods and a global energy crisis have added additional stress and harmed the country’s economy.
A shortage of imported parts and materials forces automotive and other industries to shut down their operations. Due to a shortage of foreign reserves, thousands of containers containing essential food items, raw materials, and medical supplies have been held up at the Karachi port.
Banks are refusing to issue new letters of credit to importers because they don’t have enough dollars.
Earlier State Bank of Pakistan (SBP) announces that Pakistan’s forex reserves dropped to $4.6 billion, just enough to cover four weeks’ worth of imports.
In an effort to save money, the government has also placed restrictions on a number of imports and trying to stabilize the economy and inflation by using strategies.
