Karachi October 16 2023: Indus Motor, assembler of toyota vehicles in Pakistan, shut its plant for a period of one month starting from tomorrow due to supply chain challenges, according to company filing to the exchange.
During Q1 fiscal year 2024, toyota sales drop 49.1 percent to 4,511 units against 8,868 units sold in the same period last year, according to PAMA.
"Based on current level of inventory of manufactured vehicles and parts shortages due to supply chain challenges, the Company has decided to dose its production plant from 17th October 2023 to 17th November 2023 (both days inclusive). ln case of any change in plan will be updated accordingly" states company in its filing.
Indus Motor Company Limited was incorporated in Pakistan as a public limited company in December 1989 and started commercial production in May 1993. The Company was formed in accordance with the terms of a Joint Venture agreement concluded amongst certain House of Habib companies, Toyota Motor Corporation and Toyota Tsusho Corporation for the purposes of assembling, progressive manufacturing and marketing of Toyota vehicles. The Company also acts as the sole distributor of Toyota and Daihatsu vehicles in Pakistan and has a license for assembling, progressive manufacturing and marketing of these vehicles in Pakistan.