Toyota Indus Motor Company (IMC) is working hard to modernize its assembly plant so that hybrid electric vehicles (HEVs) can be assembled locally by next year. When asked about the timing for the introduction of HEVs, Ali Asghar Jamali, CEO of Toyota IMC, claimed that the locally produced Toyota Corolla Cross hybrid will be available in 2023.
According to him, the hybrid crossover SUV will cost between Rs 5 and Rs 7 million. Toyota IMC will unveil its final price next year, given the current economic condition and the government’s decision to boost car taxes.
Because Pakistan lacks the infrastructure for EVs, Jamali stressed that HEVs are a midterm option before EVs, and that converting all automobiles to HEVs may lower Pakistan’s oil imports by up to 50%.
Because majority of Pakistan’s electricity is generated from fossil fuels, EVs will increase local LNG, coal, and crude oil imports, as well as investment in better distribution and charging infrastructure, according to Jamali.
He believed that introducing hybrid technology with the Toyota Corolla Cross would not only bring a new dimension to localisation in Pakistan, but would also help the country in terms of forex savings and lower petroleum import costs.
Hybrid vehicles are an interim option before Electric Vehicles because Pakistan does not have the infrastructure suitable for EVs, according to Jamali. Bringing Electric Vehicles (EV) is also a part of the company’s long-term policy.
The IMC CEO stated that the company is increasing production capacity to meet rising customer demands, while suppliers are also being asked to increase their capacity to meet future demands, as the company aims to produce over 90,000 vehicles with 100 percent efficiency and over time by 2022, adding that they are currently putting in extra effort and time to produce vehicles greater than the company’s current capacity.
In response to the recent increase in vehicle prices in Pakistan, he stated that the entire world had been subjected to tremendous inflationary pressures in recent years, and Pakistan was no exception.