Toyota's Debut: Local Hybrid Launch in Pakistan Next Month

Jawad

11 Nov 2023

254

Toyota's Debut: Local Hybrid Launch in Pakistan Next Month

Indus Motor Company (IMC), the assembler of Toyota vehicles in Pakistan, is on the brink of unveiling the locally-produced Corolla Hybrid Electric Vehicle (HEV) with an expected launch by December. IMC’s CEO, Ali Jamali, shared insights into the company’s substantial $100 million investment in domestic HEV production during discussions with journalists, underscoring its pivotal role.

This noteworthy investment not only aims to curtail import costs but also foresees an annual saving of approximately $37 million as HEV production scales up to 30,000 units per year. This strategic move signifies a significant stride in Pakistan’s automotive landscape, steering it toward a greener and more sustainable future.

Aligned with the United Nations’ Sustainable Development Goals, the introduction of HEVs in Pakistan is poised to reduce emissions, create employment opportunities, and potentially open avenues for exports, marking a progressive shift in the country's automotive industry.

Jamali, while acknowledging the positive impact of recent relaxations in restrictions on letters of credit (LCs) for imports, stressed the importance of a structured import policy to address challenges such as high taxation, inflation, and currency fluctuations. He raised concerns about the influx of over 6,500 used cars in the fiscal year 2022-23 and more than 7,500 in the first three months of the current fiscal year, hindering the growth potential of the local auto industry.

Despite obstacles such as temporary plant closures and reduced vendor capacities affecting production and demand in the auto industry, Jamali commended the government's supportive policies promoting local production. He emphasized IMC's commitment to surmounting challenges, leading the auto industry toward a more sustainable and prosperous future, contributing to the nation's economic revival.

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