Pakistan’s automaker Honda Atlas Cars (Pakistan) Limited (HCAR) has temporarily shut down its plant from March 9 to 31, citing supply chain disruptions.
The company announced its decision in a notice to the Pakistan Stock Exchange (PSX).
“Considering the current economic situation of Pakistan whereby the Government resorted to stringent measures including restricting the opening of Letters of Credit (LCs) for import of CKD kits, raw materials and halting foreign payments, the company’s supply chain has also been severely disrupted by such measures,” read the notice.
“As a result, the company is not in a position to continue with its production and ultimately has to shut down its plant from March 09, 2023 to March 31, 2023,” Atlas Honda added.
It is worth mentioning here that Pakistan’s auto sector remains engulfed in various crises, with a number of automakers announcing complete or partial shutdowns in recent months citing various reasons.
Recently, Pak Suzuki Motor Company Ltd (PSMCL) announced plant shutdown due to low inventory supply.
