KARACHI: Indus Motor Company (IMC) has announced its third plant closure this year, from July 15 to 22, due to a parts shortage.

In a stock filing, the company cited low inventory levels and supply chain challenges leading to a shortage of parts and components. This is the third such closure, following previous suspensions from March 6 to 11 and from May 2 to 8 this year.

IMC had on February 22 announced a Rs3 billion investment to localise parts and components for existing vehicles, aiming to reduce foreign exchange outflows and promote local industry.

Despite a significant sales jump of 44 per cent month-on-month and 60pc year-on-year to 2,957 units in June 2024, IMC’s total sales for FY24 fell by 33pc to 20,770 units.

Published in Dawn, July 13th, 2024