Toyota to Send Locally Assembled Cars to Europe

Jawad

06 Jun 2024

286

Toyota to Send Locally Assembled Cars to Europe

In a significant move, Toyota Pakistan's manufacturer, Indus Motor Company (IMC), is expanding its reach into the Scandinavian market by exporting a fleet of 50 locally assembled vehicles. The selected models include popular choices such as Toyota Revo, Fortuner, and Toyota Corolla Cross, destined for countries like Denmark, Sweden, and Norway.

Strategic Export Plans Unveiled by Toyota Pakistan CEO

During a press conference, the CEO of Toyota Pakistan, Ali Asghar Jamali, unveiled the company's strategic plans for international expansion. Alongside the Scandinavian venture, Jamali disclosed intentions to export skilled human resources to Japan, a move aimed at enhancing collaboration and expertise exchange between the two automotive giants.

Anticipated Foreign Exchange Inflow and Pricing Dynamics

Toyota Pakistan anticipates a substantial influx of foreign exchange, estimating revenues of $1.5 million from the upcoming shipment to Scandinavian countries. However, Jamali acknowledged the pricing challenges imposed by high tariffs in international markets, noting that the vehicles are priced 15-20 percent above cost to accommodate these tariffs and ensure profitability amidst trade barriers.

Future Prospects and Advocacy for Industry Support

Looking ahead, Toyota Pakistan aims to further boost its earnings by expanding its workforce export to Japan. Currently, 150 workers have been dispatched, with expected revenues ranging from $2 million to $2.5 million. Jamali outlined plans to double this workforce within the next 10 months, highlighting the potential for significant revenue growth through strategic human resource deployment.

Jamali also emphasized the need for government support to overcome existing challenges and capitalize on emerging opportunities. He advocated for favorable trade agreements and policies to facilitate smoother international trade, particularly in markets like Africa. With a concerted effort from both the industry and governmental bodies, Toyota Pakistan aims to continue its upward trajectory in the global automotive market.

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