ISLAMABAD: Standing Committee on Industries and Production was told on Monday that slow economic activity and higher interest rates led to a decrease in car production by 43% in the country.
The meeting of the Standing Committee on Industries and Production was held here. The meeting was told that only 137,000 cars were manufactured during the one fiscal year. Dollar shortage in the country led to lesser imports of raw material and car parts, the meeting was further told.
It was further told that the car financing recorded a decrease due to higher interest rates. Despite around 317,000 units of cars were produced, Jeep, SUVs, and other vehicles saw lesser sales. Owing to the non-availability of parts in Pakistan, Honda and Suzuki plants suffered closures, the meeting was told further.
