The Indus Motor Company (IMC), known for assembling Toyota cars in Pakistan, is gearing up to launch a locally-made Corolla Hybrid Electric Vehicle (HEV) next month. This comes as part of a hefty $100 million investment aimed at cutting costs and reducing emissions.
The CEO of IMC, Ali Jamali, explained that this substantial investment in HEV production is not just about saving on import expenses but could also lead to an annual saving of $37 million by producing 30,000 HEV units. This move signals a big stride in Pakistan’s car industry, showing a commitment to a more sustainable and eco-friendly future.
This initiative aligns with the United Nations’ Sustainable Development goals, focusing on tackling climate change. The introduction of HEVs is expected to bring down emissions, create job opportunities, and boost export potential.
Jamali also highlighted factors contributing to the increasing prices of locally made cars, such as high taxes, inflation, the import of used cars, and currency instability.
He emphasized the need for a well-structured import policy to support the growth of the domestic auto industry, pointing out the negative impact of a large number of used cars being brought into the country.
Recent data revealed a significant influx of over 6,500 used cars during the fiscal year 2022-23, with more than 7,500 units imported in the first three months of the current fiscal year.