Toyota Indus Motor Company (IMC) has stated that domestic production of hybrid electric vehicles (HEVs) will begin soon in Pakistan.
In an official announcement to the PSX, the manufacturer stated that it will invest $100 million in the domestic production of HEVs over the next three years.
A delegation of IMC that manufactures and markets Toyota brand vehicles in Pakistan, led by the Vice Chairman Shinji Yanagi and Chief Executive Ali Asghar Jamali, met Prime Minister Imran Khan at the Prime Minister’s Office to announce the new investment.
#Toyota will invest US$ 100 Million for local production of #HybridElectricVehicle (HEV) in #Pakistan. The investment shall go towards localisation of components, plant expansion & production preparation for first #HybridElectricVehicle to be manufactured at #IndusMotor. pic.twitter.com/gN3ZAHex5w— Sarfraz Hussain (@SarfrazInfo) September 8, 2021
Toyota IMC also stated that, adding hybrid cars to its list for the first time in Pakistan, the funds will be used to upgrade the local assembly factory in Karachi’s Port Qasim, which will allow for more localization of auto parts.
The corporation also acknowledged the government’s recent duty and tax reliefs for manufacturers in order to promote local manufacturing and sales of environmentally friendly vehicles.
Honda Atlas Cars Limited (HACL) is also rumoured to be contemplating a substantial investment in the local production of HEVs in the near future.
The Pakistan push is part of billion dollar hybrid dream of Toyota
This is a noteworthy step because Toyota offers a wide range of HEVs, including the Toyota Prius and Toyota Corolla Cross, both of which are now available in Pakistan as Completely Built-Up (CBU) units.
Several additional imported HEVs, such as the E160 Toyota Corolla, Toyota C-HR, Toyota Aqua, and a few others, are extremely popular in Pakistan despite their high prices.
Toyota’s HEVs being assembled locally will not only raise the company’s dividends, but it will also motivate other automakers to debut their HEV lines in Pakistan, fostering a robust and competitive localized HEV market.