'Restrictions' force Honda to extend production halt for another 15 days
Business
Shutdown will continue till April 15
KARACHI (Web Desk) – Honda Atlas Cars Pakistan on Friday announced an extension in its production halt for another 15 days, making it the longest so far, due to the country’s economic meltdown.
The company took the decision after it faced “restrictions” on opening letters of credit (LOCs) for imports and blocking foreign payments thus affecting its supply chain.
“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,” the company, a unit of Japan’s Honda Motor Co Ltd, said in a notice to the Pakistan Stock Exchange.
The car-maker had earlier announced a three-week shutdown starting from March 8 which was expected to be lifted on March 31 but the company found it difficult to do so.
Earlier, the Indus Motors Company (Manufacturer of Toyota Cars) and Pak Suzuki Motor Company had stopped production for three quarters due to the reeling economic challenges.
