Based on the current low level of inventory of manufactured vehicles, and shortage of parts and components for manufacturing of vehicles, due to supply chain challenges, the Company has decided to close its production plant from 6th March 2024 to 11th March 2024 (both days inclusive,” the stock filing stated.
“In case of any change in plan will be updated accordingly,” it added.
This is Indus Motor’s first announcement of production closure this year in 2024.
Earlier in August, Indus Motor Company Limited shut down its plant from August 25 to September 06, 2023, amid supply chain disruptions.
In a letter addressed to the general manager of the Pakistan Stock Exchange (PSX), he IMC management said that its production will be shut down from August 25 to September 6 due “delay in opening of Letters of Credit (LC) and inventory shortages”.
Accordingly, the company has insufficient inventory levels and cannot continue its production activities.