Pakistan’s largest truck manufacturing company Hinopak Motors Limited has announced to stop its production in Pakistan.
According to the details, in a notification issued by Hino Pak Motors Limited, Pakistan Stock Exchange (PSX) has been informed that the company is shutting down its manufacturing unit for 12 days, this shutdown will continue from March 24 to April 4.
During the last few months, the continuous economic crisis has destroyed the auto industry of Pakistan due to which the sales of vehicles and various operations in Padshawar Samtam have been affected.
Unfortunately, demand for commercial vehicles had already declined as manufacturers lamented losses in their production and other operations, foreign exchange shortages and supply problems for parts imported from abroad for the automobile industry. Big obstacles have been erected. Vehicle sales fell again last month due to reduced production and demand.
After major auto manufacturing companies, the announcement of production shutdown by a major car maker shows the seriousness of the situation.
The latest data from the Pakistan Automotive Manufacturers Association (PAMA) shows that automakers (members of the association only) sold a total of 5,762 vehicles in February 2023, down 47 percent on a monthly basis. A decline was observed and recorded a 73% decline on annual basis.
Leave a Comment