Hinopak Motors halts production due to import hurdles

News Image

MG News | March 21, 2023 at 10:51 AM GMT+05:00

0:00

March 21, 2023 (MLN): Hinopak Motors Limited (PSX: HINO), one of Pakistan's leading automobile manufacturers will shut down its Chassis Assembly plant from March 24, 2023, to April 04, 2023, as the company is facing hurdles in opening Letters of Credit (LCs) for the import of Completely Knocked Down (CKD) kits and other raw materials, the company's filing on PSX said today. 

The current economic situation in Pakistan has led the State Bank of Pakistan (SBP) to advise commercial banks to prioritize and facilitate imports to essential sectors only, which unfortunately does not include the auto sector.

This has left HINO with no choice but to suspend production activities for the time being.

The temporary shutdown will affect the company's ability to produce and supply commercial vehicles to the market, which could lead to a potential shortage of commercial vehicles in the coming weeks.

This could have a knock-on effect on the country's transportation and logistics industry, which relies heavily on commercial vehicles.

Copyright Mettis Link News

Related News

Name Price/Vol %Chg/NChg
KSE100 134,299.77
290.06M
0.39%
517.42
ALLSHR 84,018.16
764.12M
0.48%
402.35
KSE30 40,814.29
132.59M
0.33%
132.52
KMI30 192,589.16
116.24M
0.49%
948.28
KMIALLSHR 56,072.25
387.69M
0.32%
180.74
BKTi 36,971.75
19.46M
-0.05%
-16.94
OGTi 28,240.28
6.19M
0.21%
58.78
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 118,140.00 119,450.00
115,635.00
4270.00
3.75%
BRENT CRUDE 70.63 70.71
68.55
1.99
2.90%
RICHARDS BAY COAL MONTHLY 97.50 0.00
0.00
1.10
1.14%
ROTTERDAM COAL MONTHLY 108.75 108.75
108.75
0.40
0.37%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 68.75 68.77
66.50
2.18
3.27%
SUGAR #11 WORLD 16.56 16.60
16.20
0.30
1.85%

Chart of the Day


Latest News
July 11, 2025 at 10:56 PM GMT+05:00

Gold price in Pakistan rises Rs2,300 per tola


July 11, 2025 at 05:49 PM GMT+05:00

PKR gains 10 paisa per USD


July 11, 2025 at 05:41 PM GMT+05:00

PSX Closing Bell: Bulls Serenade The Bourse


July 11, 2025 at 05:06 PM GMT+05:00

UBL doubles profit to Rs65bn in 1HCY25


July 11, 2025 at 04:19 PM GMT+05:00

Ideal Spinning Mills to exit spinning business



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg