Toyota Indus Motor Company (IMC) is still experiencing operational issues, prompting the company to declare another round of non-production days (NPDs) in May.
The business claimed inventory deficits as the cause for the automobile assembly plant shutdown, which would take place from May 2 to May 3, 2023, in an official notice to the Pakistan Stock Exchange (PSX).
The following is the notification:
Earlier this month, the Pakistan Association of Automotive Parts and Accessories Manufacturers (PAAPAM) sent a distress call to Federal Finance Minister Ishaq Dar, urging that automobile assembly kits and auto parts imports be removed from the list of “non-essential items” as soon as possible.
PAAPAM Chairman Munir Bana informed the minister that the association’s members employ approximately 3 million Pakistani employees, technicians, engineers, and management experts on various projects, both directly and indirectly. He claimed that those employees are now facing layoffs as the industry faces shutdown.
According to PAPAAM’s letter to the finance minister:
Unless immediate preventative measures can be taken to save the “mother of all industries,” a massive tragedy will unfold, with the entire auto parts industry permanently shutting down, resulting in the loss of millions of jobs, the rollback of localization, and the repatriation of overseas investments by all automotive assemblers.
Given Pakistan’s volatile economy, the auto industry’s struggles are likely to continue for a while to come.
