The automotive industry’s troubles continue due to worsening economic conditions, which has forced Honda Atlas Pakistan Cars Limited (HACPL) to extend its production shutdown by another 15 more days.
In a letter sent to the Pakistan Stock Exchange (PSX), the company stated, “The current situation of Pakistan whereby the Government resorted to stringent measures including restricting opening of 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.”
It added, “As a result, the Company is not in a position to continue with its production and ultimately has continued to shut down its plant from April 1, 2023 to April 15, 2023.”
Here is a copy of the letter:
Earlier this month, Honda Atlas Cars Pakistan Limited (HACPL) issued a letter informing of a production shutdown from March 9, 2023 to March 31, 2023.
Read more: Honda Shuts Down Production For The Entire Month.
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