Hinopak Also Shut Down Operations In Pakistan

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The Pakistani car industry has been hit hard by the ongoing economic crisis, with many operations, including vehicle sales and production, being severely affected. Hinopak Motors Limited recently announced that it will shut down operations in its manufacturing plant for 12 days, from March 24 to April 4, due to low demand for commercial vehicles.

Industrialists have expressed their concerns about the impact of these shutdowns on their businesses and have appealed to the government for support.

The automobile industry is also facing challenges due to foreign exchange shortages and component supply problems, which are further exacerbating the situation. Car sales have slumped once again last month due to diminished production and demand.

The latest data from Pakistan Automotive Manufacturers Association (PAMA) shows that carmakers collectively sold just 5,762 vehicles in February 2023, a month-over-month (MoM) decrease of 47%, and a year-over-year (YoY) decrease of 73%.

The car financing sector has also been impacted by the economic crisis, with financing dropping for the 8th consecutive month due to diminished sales. Experts believe that the situation will remain bleak for the foreseeable future.

To sum it up, the ongoing economic crisis has dealt a severe blow to the Pakistani car industry, with many operations, including vehicle sales and production, being severely impacted. The situation is exacerbated by foreign exchange shortages and component supply problems, which are suffocating the automobile industry.

The government and industry players must work together to find ways to support the industry and keep it afloat during these challenging times.

 

What are your thoughts about this temporary shutdown of Hinopak Motors? Share with us in the comments below!

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1 Comment
  1. Junaid says

    Industrialist in Pakistan are to blame here. They did not increase localization nor they did any exports. They are too dependent on imports and just building from a jigsaw puzzle.
    Its their money and they need to open their eyes in how to fix it.

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