Saturday, April 20, 2024

Toyota Has Announced A $100 Million Investment In Pakistan To Develop Hybrid Electric Automobiles Locally

Toyota has announced a US$100 million investment in the local production of Hybrid Electric Vehicles (HEV) in Pakistan, bolstered by the Pakistani government’s growing support for electric vehicles.

A group from IMC, which produces and marketing Toyota vehicles in Pakistan, met with Prime Minister Imran Khan at the Prime Minister’s Office to announce the additional investment. They were led by Vice Chairman Shinji Yanagi and Chief Executive Ali Asghar Jamali. The meeting was also attended by Federal Minister for Industries Khusro Bakhtiar, Federal Minister for Energy Hammad Azhar, and Finance Minister Shaukat Tareen.

The investment, according to Yoichi Miyazaki, CEO of Toyota Asia, will bring Toyota’s next generation Hybrid Electric Technology to Pakistani customers. “Today’s declaration demonstrates our strong commitment to Pakistan and confidence in the government. He remarked, “We welcome the government’s measures encouraging low-carbon mobility alternatives.”

IMC’s chief executive, Ali Asghar Jamali, said the $100 million investment in Pakistan’s automotive sector demonstrates the company’s strong commitment to helping Pakistan become less vulnerable to climate change by introducing hybrid vehicles. “We are ecstatic to deliver Pakistani customers the most efficient 4th Generation hybrid electric vehicles” that would help cut carbon emissions.

IMC has made a significant contribution to the development of the local automobile industry in Pakistan by establishing its complete value chain, which includes over 60-part makers producing over PKR 200 million worth of parts every working day, 50 independently owned dealerships providing aftersales service to customers, and over 60,000 people employed directly and indirectly across Pakistan.

The funding will help with component localization, facility expansion, and production planning for the first HEV to be built at the Indus Motor Company Limited (IMC) plant in Port Qasim, Karachi.

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