KARACHI: Honda Motors announced to close its operation due to the non-availability of the raw materials, ARY News reported on Friday.
According to the details, Honda Car Company stopped its operation and penned down a letter to the Pakistan Stock Exchange stating that the company management decided to shut down its operation as the government is not opening the letter of credit (LCs) for the import of essential raw materials.
The letter reads that Honda Motors is closing down its operations due to the non-availability of dollars, ban on the opening of LCs, and insufficient raw materials for production, adding that the due to all this situation the supply chain is getting severely affected.
“The operations will be closed from 1st April till 15th April,” the letter stated.
It is pertinent to mention here that Honda Motors closed its operations from March 9 to March 31, 2023.