Pak Suzuki Motor Company (PSMC) may observe non-production days (NPDs) next month.

Suzuki likely to observe non-production days in August

Suzuki likely to observe non-production The Profit has been able to confirm this from Shafiq Shaikh, Head of Public Relations at PSMC. “Presently commercial banks are not opening the letters of credit (LCs) and documents against payments (DPs) for automobile CKDs. Unavailability of CKDs and related raw material may result in plant shut down in August 2022”, Shaikh says that Suzuki was able to avert NPDs in July, and that it aims to deliver orders booked till June. However, a continuation of the policy is dependent on normalization of LCs and DPs in their upcoming talks with the State Bank of Pakistan (SBP).

This comes days after Asghar Ali Jamali, Chief Executive at Toyota Indus Motor Company (IMC) told Profit that IMC will offer customers the option of a refund or an additional three month waiting period. Profit had reported earlier on how the State Bank of Pakistan’s (SBP) extended mandate over letters of credit for ckd imports had created panic amidst the automobile market. August may be an ominous month for the automotive industry. Alongside PSCMs’ possible NPDs, there are speculations that IMC will also observe NPDs in the first half of the month for two weeks. It is unknown whether Honda will join the other two members of the Big 3 in their possible decision, and whether this becomes the industry norm for August.

Source: This news is originally published by Profit.pakistantoday

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