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Toyota Plant Faces Another 2-Week Closure Due to Low Demand

24 Aug 2023   371   Toyota
Toyota Plant Faces Another 2-Week Closure Due to Low Demand

Toyota Plant Faces Another 2-Week Closure Due to Low Demand

The challenges for the automobile industry persist as Indus Motor Company (IMC) recently announced a temporary shutdown of one of its plants. A confluence of LC (Letter of Credit) issues and sluggish demand has compelled the company to implement a two-week closure.

Notification to Pakistan Stock Exchange (PSX)

In correspondence submitted to the Pakistan Stock Exchange (PSX), IMC has invoked Sections 96 and 131 of the Securities Act 2015, along with Clause 5.6.1 (a) of PSX Regulations, to communicate the subsequent information:


Throughout the fiscal year 2022-23, the auto sector has grappled with a consistent decline in demand, attributed to a daunting economic landscape, reduced consumer purchasing capability, and escalated duties and taxes enforced by the Federal Government.

Production Plant Closure Dates

Considering the persistently lackluster demand and prevailing inventory levels, IMC has arrived at a decision to temporarily halt production operations. This plant closure is scheduled from Friday, August 25, 2023, to Wednesday, September 6, 2023, inclusive of both dates. IMC urges the Exchange to relay this message to the TRE Certificate holders.
Toyota IMC Toyota Pakistan Toyota Cars Toyota Cars 2023 Toyota Cars in Pakistan Toyota Cars Prices 2023 Toyota Plant Plant Shutdown Production Halt Low Consumer Demand
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