Indus Motor Company (IMC), the Toyota car assembler in Pakistan, is gearing up to launch the locally-produced Corolla Hybrid Electric Vehicle next month.
Toyota Hybrid Marvel
CEO Ali Jamali revealed the company’s plans, stressing the importance of Toyota’s substantial $100 million investment in HEV production.
This investment aims not only to reduce import costs but also holds the potential for an annual savings of $37 million as production ramps up to 30,000 HEV units. This announcement signifies a key moment for Pakistan’s automotive sector, steering towards a more sustainable and environmentally friendly direction.
In perfect harmony with the United Nations’ Sustainable Development goals, this eco-conscious initiative takes a focused approach to tackle climate change concerns. The introduction of HEVs not only promises a significant reduction in emissions but also opens doors to job opportunities and enhances the potential for exports.
Jamali voiced serious concerns about the multiple factors contributing to the rising prices of locally manufactured cars. High taxation, inflation, the import of used cars, and currency instability were identified as key contributors to this pressing issue.
Stressing the importance of a well-structured import policy, Jamali highlighted its crucial role in nurturing the growth of the domestic auto industry. He disclosed that the influx of used cars into the country has taken a toll on the sector. In the fiscal year 2022-23, over 6,500 used cars were imported, and in the first three months of the current fiscal year, more than 7,500 units had already entered the country.
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Jamali emphasized that these imported used cars not only undermine the strides made in localizing car production but also pose a hindrance to the potential for further localization in Pakistan.