Millat Tractors to halt production from Dec 11 till Jan 3, 2020

Pakistan’s auto sector is in trouble, many analysts have termed the current phase an all-time low for the industry.

0
  • Millat Tractors informed the Pakistan Stock Exchange about their decision to stop production through a letter.
  • The decision comes after MTL sales dropped by 46pc to 8,223 units during the period July to November.
  • According to the source, in November the company had observed three non-production days (NPDs) each week.

Millat Tractors

Pakistan’s auto sector is in trouble, many analysts have termed the current phase an all-time low for the industry. In another depressing development on the auto sector, the Millat Tractors Ltd (MTL) will halt production from December 11 until January 3, 2020.

On Tuesday, the company informed the Pakistan Stock Exchange about their decision through a letter. The decision comes after MTL sales dropped by 46pc to 8,223 units during the period July to November.

Decline in Booking Orders

According to the source, in November the company had observed three non-production days (NPDs) each week. The company has decided to shut its company for 20 days because of a decline in booking orders.

“We have also sent our regular workers and staffers on forced leave,” MTL official.

Muhammad Faisal Azeem, the company Secretary has written a letter to the General Manager of the PSX confirming this news.

Millat Tractors

Overall condition of Auto Sector

On Tuesday, a day was released which shows that there is a 44pc drop in car sales year-on-year. “9,789 vehicles were sold in November 2019, compared to 17,442 in November 2018,” Automotive Manufacturers Association report.

The dramatic decrease is due to the devaluation of Pakistani rupee and high financing interest rates. Suzuki WagonR and Honda Civic/City sales fell by 75pc and 70pc to 3,339 and 6,035 units respectively. Moreover, Toyota Corolla and Suzuki Swift sales dropped by 59pc and 60pc to 9,657 and 859 units.


Also See:

Car Sales In Pakistan Dropped By 41 Percent This August

What are your views on this? Share with us in the comments bar below.


Featured Content⭐


Most viewed in last 24 hours


24 گھنٹوں کے دوران 🔥


>