Toyota's First Locally-Built Hybrid Electric Car Set to Hit Pakistani Roads Next Month

Indus Motor Company (IMC), the entity responsible for assembling Toyota vehicles in Pakistan, is gearing up to unveil its locally-produced Corolla Hybrid Electric Vehicle (HEV) with an expected launch in December. IMC's CEO, Ali Jamali, shared details of the company's substantial $100 million investment in domestic HEV production, emphasizing its significance for both the automotive industry and the nation.

This significant investment not only aims to reduce import expenses but is also projected to result in an annual saving of approximately $37 million as the production scale reaches 30,000 HEV units. This move marks a crucial step towards a more eco-friendly and sustainable direction for Pakistan's automotive landscape.

Aligned with the United Nations' Sustainable Development Goals, particularly those addressing climate change, the introduction of HEVs in Pakistan is anticipated to contribute to emission reduction, create employment opportunities, and potentially open doors for export prospects.

Jamali raised concerns about the escalating costs of locally manufactured cars, citing factors such as high taxation, inflation, the influx of imported used cars, and currency fluctuations. He underscored the need for a well-structured import policy to foster the growth of the domestic auto industry. Highlighting the challenges, he pointed out that over 6,500 used cars were imported in the fiscal year 2022-23, and more than 7,500 in the first three months of the current fiscal year, hindering the progress and potential for increased local production in Pakistan.

Despite these challenges, Jamali praised the recent relaxation of restrictions on letters of credit (LCs) for imports, which facilitated the procurement of critical raw materials and increased sales for original equipment manufacturers (OEMs) in cars for passengers and light-duty commercial vehicles in September 2023. However, a year-on-year comparison still indicates a 26 percent decrease in sales.

Overcoming Challenges

Recognizing the challenges related to production and demand in the auto industry, including temporary plant closures and reduced capacities of vendors, Jamali expressed appreciation for the government's support in promoting policies encouraging local production. He highlighted the government's role in revitalizing the auto industry and contributing to the nation's economic recovery.He reaffirmed IMC's commitment to overcoming these obstacles and guiding the car sector toward a brighter, more sustainable future.

Milestone for Toyota

As the Corolla Hybrid Electric Vehicle makes its debut in the Pakistani market, it not only represents a milestone for Toyota but also signifies a positive stride in the nation's journey towards embracing affordable and eco-friendly transportation options. The shift towards locally-produced hybrid vehicles aligns with global sustainability goals while addressing the specific needs and challenges of Pakistan's automotive landscape. The forthcoming launch of this hybrid electric car is poised to create ripples in the industry, marking a noteworthy chapter in Pakistan's automotive evolution.

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