According to the filing made by Honda Atlas Cars (Pakistan) Limited on the PSX, Company is making progress towards resuming its production activities in the upcoming weeks.
Thanks to the dedicated efforts of the company’s management and improved access to trade finance facilities for the supply chain, Honda Atlas Cars can now initiate operations again and gradually increase its production levels.
To provide context, the company had temporarily halted its plant operations from March 9, 2023, to March 31, 2023. The decision was prompted by severe disruptions in the company’s supply chain caused by government measures, including restrictions on opening Letters of Credit (LCs) for importing CKD kits and raw materials, as well as the suspension of foreign payments. These factors had a direct impact on the company’s ability to sustain production.
Subsequently, on March 31, 2023, the company announced an extension of the plant shutdown until April 15, 2023, citing the aforementioned reasons.
As one of the prominent car manufacturers in Pakistan, the temporary shutdown of Honda Atlas Cars’ plant is expected to have a ripple effect on the automotive industry in the region.
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