Due to the continued economic crisis and declining demand, GTR Tyres or Gandhara Tyre & Rubber Company Limited (previously known as The General Tyre and Rubber Company of Pakistan Ltd) has announced a number of non-production days (NPDs) for March 2023.
The corporation announces that it will halt manufacturing from March 24, 2023, to April 3, 2023, in an official notification. The State Bank of Pakistan’s import limitations were mentioned as the reason for the notification’s inventory deficit (SBP).
The local auto sector is suffering from a lack of foreign currency and issues with component supply. Due to decreased demand and output last month, auto sales fell once more.
According to the most recent data from Pakistan Automotive Manufacturers Association (PAMA), automakers (association members only) sold just 5,762 automobiles in February 2023, a fall of 47% from the previous month but a 73% decrease from the previous year.
Suzuki Motorcycles plant also shut down
The car sector has had to raise prices as a result of local currency instability and tax increases. Major automakers including Kia, Peugeot, Toyota, Haval, and others have recently raised their vehicle costs by considerable amounts. The future of the auto industry becomes bleak as these developments increase in frequency.