Karachi, August 24, 2024: Indus Motor Company, the assembler of Toyota automobiles in Pakistan, has announced to temporarily shut down the production in Pakistan.
According to the details, Toyota Indus Motors has declared a plant shutdown from August 25th to September 6th, sending an official letter to the Pakistan Stock Exchange (PSX).
In their statement, the company highlighted the challenges faced by the automotive industry during the fiscal year 2022-2023, citing the adverse impact of increased taxes on purchasing power in the country.
According to the letter, the higher car prices has reduce the demand across the country, which forced companies like Toyota Pakistan to reevaluate their production strategies.
Indus Motor Company Limited has decided to halt its manufacturing operations from Friday, August 25, 2023, until Wednesday, September 6, 2023.
