Honda Atlas Vehicles Pakistan Ltd. (HATC.PSX) extended its longest factory stoppage to 15 days on Friday, blaming the country’s economic difficulties, limits on import letters of credit, and suspending international payments.
On March 8, the corporation announced a closure until March 31.
Honda claims Pakistani economic issues have affected its supply chain.
The firm, a subsidiary of Japan’s Honda Motor Co Ltd (7267.T), informed the Pakistan Stock Exchange that it could not continue manufacturing.
Indus Motor Company Limited (INDM.PSX) and Pak Suzuki Motor Company (PKSU.PSX) have also halted manufacturing for the previous three quarters due to Pakistan’s economic woes, reducing central bank foreign exchange reserves to only four weeks of imports.
