KARACHI, Pakistan : Honda Atlas Cars Pakistan Ltd has announced the longest plant shutdown to date in the current economic crisis amongst the country's automakers, which are struggling to obtain raw materials due to import difficulties. The company, a unit of Japanese car giant Honda Motor Co Ltd, said it
KARACHI, Pakistan : Honda Atlas Cars Pakistan Ltd has announced the longest plant shutdown to date in the current economic crisis amongst the country's automakers, which are struggling to obtain raw materials due to import difficulties.
“The company is not in a position to continue with its production,” it said in a notice to the Pakistan Stock Exchange , explaining its supply chain had been"severely disrupted." As a result, letters of credit , used for imports, are facing delays while being processed and priority is being given to essential items such as food and medicine.
“It is worrying because shutdowns not just impact corporate profitability but unemployment as well. The longer these shutdowns continue, it would test the companies' ability to maintain staff strength," says Fahad Rauf, head of research at Ismail Iqbal Securities, a local brokerage firm.
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