May 15, 2023 (MLN): Honda Atlas Cars (Pakistan) Limited, one of the leading automobile manufacturers in the country, is making progress toward resuming its production activities in the coming weeks, the company's filing on PSX revealed on Monday.
With the significant efforts of the company's management and improved accessibility to trade finance facilities for the supply chain, the company is now able to restart operations and gradually ramp up production.
To recall, the company halted its plant from March 09, 2023, to March 31, 2023, as the company's supply chain has been severely disrupted as the government resorted to stringent measures, including restricting the opening of LCs for the import of CKD kits, and raw materials, and halting foreign payments, which has impacted the company's ability to continue production.
Later on March 31, 2023, the company notified the extension of the plant shutdown till April 15, 2023, attributing the aforestated reasons.
HCAR is one of the leading car manufacturers in Pakistan, and the shutdown of its plant is expected to have a ripple effect on the automotive industry in the region.
