The operational challenges for the Toyota Indus Motor Company (IMC) persist, as the company recently announced another set of non-production days (NPDs) in May due to inventory shortage. The car assembly plant will shut down from May 2 to May 3, 2023. The company shared an official notice with the Pakistan Stock Exchange (PSX) regarding the NPDs.
The Pakistan Association of Automotive Parts and Accessories Manufacturers (PAAPAM) had previously written to Federal Finance Minister Ishaq Dar, requesting the removal of car assembly kits and auto parts imports from the “non-essential items” list. According to PAAPAM Chairman Munir Bana, the association employs over 3 million Pakistani workers, engineers, and management professionals both directly and indirectly. He cautioned the minister that the auto industry risks closure and mass layoffs without urgent action.
The Chairman further warned that the entire auto parts industry would shut down permanently, causing losses of millions of jobs, rollback of localization, and repatriation of foreign investments by all the automotive assemblers, if no immediate countermeasures were taken to save the “mother of all industries”. Given the highly volatile state of Pakistan’s economy, the auto industry is likely to face continued struggles in the foreseeable future.
Read More: PAAPAM Urges Pakistan Finance Minister To Save Auto Parts Industry From Permanent Closure
