According to Ali Asghar Jamali, CEO of Toyota Indus Motor Company (IMC), Pakistan is one of the countries most affected by climate change and needs to take wise action on all fronts to avert a serious disaster.
Data from the Global Carbon Budget 2022 were highlighted in a Toyota press release. Details show that Pakistan produced 229.51 million tonnes of CO2 emissions in 2021, an increase of 9% from 210.38 million tonnes in 2020.
Hybrid electric vehicles (HEVs) are the best long-term solution to the nation’s economic and environmental problems, according to Jamali, because they will increase macroeconomic goals, employment, and exports while lowering imports.
HEVs, which consume 62% and 75% of conventional fuels in vehicles and other machinery, respectively, are the best approach to reduce carbon dioxide emissions in fossil fuel-dependent nations like Pakistan and India, he continued.
Toyota has committed $100 million to manufacturing HEVs in Pakistan, according to Jamali, and the company will soon reveal the Corolla Cross Hybrid, its first locally built HEV SUV. He stated that 30,000 HEVs will save fuel import expenses by $37 million annually.
Jamali said that the had retained all of its employees on the payroll despite a 55% reduction in production.
According to him, between January and June 2023, IMC’s volumetric sales decreased by 58%. According to Jamali, the local auto industry has long struggled to meet production goals as a result of LCs, which is harming sales.
He also pointed out that the local auto industry is suffering since imports of old cars are surpassing OEM production. He said that in 20222023, almost 6,000 used cars were imported, 1,800 of which came in May and June alone.
Due to SBP’s low foreign exchange reserves, Jamali noted, the government should support the domestic auto industry, which produces cars here instead of importing used ones.