According to news, Pakistan’s Honda Atlas Vehicles (Pakistan) Ltd (HCAR) has temporarily shut down its plant from March 9 to March 31 due to supply chain delays. The business informed the Pakistan Stock Exchange of its choice in a notification (PSX).
“Considering the current economic situation of Pakistan whereby the Government resorted to stringent measures including restricting the opening of Letters of Credit (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,” read the notice.
“As a result, the company is not in a position to continue with its production and ultimately has to shut down its plant from March 09, 2023, to March 31, 2023,” Atlas Honda added.
Stay tuned to Brandsynario for the latest news and updates.