KARACHI: Pak Suzuki Motor Company Ltd (PSMCL), the largest manufacturer of passenger cars and light commercial vehicles in Pakistan, urged Prime Minister (PM) Shehbaz Sharif not to impose “new duties and taxes” in the upcoming budget 2023-24, highlighting its struggles and loses due to ‘economic uncertainties’, ARY News reported.
According to details, the car assembling company penned down a letter to Prime Minister (PM) Shehbaz Sharif and highlighted its “struggles and loses due to economic uncertainties in the country.
Pak Suzuki Motor, Head of Public Relations, Shafiq Ahmed Shaikh revealed that the company suffered massive losses of 12.9 billion in the first quarter of the current year due to economic uncertainties.
“The company has also been forced to observe numerous No Production Days each month throughout the year,” the letter stated, adding that the dire economic and business situation has also affected dealers and vendors, with some already closed and others on the verge of closure.
“As we are fighting for our survival, we request the Government not to impose any new duties and taxes in the upcoming federal budget 2023-24, specially on up to 1000cc vehicles, the product of the masses,” the letter concluded.
It is pertinent to mention 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.
Read More: Pak Suzuki announces plant shutdown over ‘inventory shortage’
A day earlier, Indus Motors Company (IMC), the maker of Toyota vehicles, announced to shut down its production plant in Pakistan again, citing a disruption in company’s supply chain.
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 June 3 to June 8 due “delay in opening of Letters of Credit (LC) and inventory shortages”.
Indus Motors said that its vendors continue to face hurdles in import of raw materials and receiving clearance of their consignments, on account of challenges in opening of LCs and supply chain issues.
This was Indus Motor’s fourth announcement of production closure this year. Earlier, the company shutdown its plant from February 1 to February 14, May 2 to May 3 and March 24 to March 27.
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