The local manufacturer of Corolla hybrid electric vehicles (HEVs), Indus Motor Company (IMC), is getting ready to launch the vehicle by December. IMC is the Toyota vehicle assembler in Pakistan.
The CEO of IMC, Ali Jamali, highlighted to reporters the importance of the company’s sizeable $100 million investment in domestic HEV production.
As production ramps up to 30,000 HEV units, this significant investment is expected to reduce import costs and produce an additional $37 million in savings annually. This action is a major step towards directing Pakistan’s automotive industry in the direction of sustainability and environmental friendliness.
The initiative aligns with the Sustainable Development Goals of the United Nations, specifically emphasising the need to mitigate the effects of climate change. It is anticipated that the introduction of hybrid electric vehicles (HEVs) in Pakistan will boost export opportunities, generate jobs, and reduce emissions.
Jamali expressed concern about the rising cost of cars made in the country, blaming it on things like high taxes, inflation, the influx of used cars from abroad, and changes in exchange rates. He underlined that in order to support the expansion of the domestic auto industry, a well-defined import policy is essential. He emphasised that more than 6,500 used cars were imported in fiscal year 20222023 and more than 7,500 in the first three months of the current fiscal year, which hinders Pakistan’s progress and reduces the potential for increasing local production.
Jamali acknowledged the challenges, but also the recent relaxation of import restrictions on letters of credit (LCs), which has facilitated the acquisition of necessary raw materials and increased sales for original equipment manufacturers (OEMs) of passenger cars and light commercial vehicles in September 2023. Nevertheless, a comparison of the same period last year indicates a 26% decline in sales.
Jamali was aware of the difficulties relating to supply and demand in the automotive sector, such as short-term plant closures and diminished vendor capacity. He was grateful for the government’s assistance in advancing policies that support regional manufacturing and for the auto industry’s revival, which has aided in the country’s economic recovery. He reaffirmed IMC’s commitment to overcoming these obstacles and steering the automotive sector in the direction of a more promising and sustainable future.
Predictably, the highlight of the event is the Corolla Cross HEV, a hybrid crossover with the potential to revolutionise the automotive industry in Pakistan. The Corolla Cross’s remarkable fuel efficiency sticks out as a strong selling point at a time when the country is struggling with inflation.
When this hybrid crossover finally arrives, Toyota fans should mark the occasion on their calendars and get ready for an environmentally responsible driving experience.