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Monday, October 3, 2022

Toyota says investing $100 million to locally produce hybrid electric vehicles in Pakistan

Indus Motor Company, also known as Toyota has revealed its plans to invest about $100 million over the next three years for the local production of hybrid electric vehicles in Pakistan.

The investment will facilitate localisation of components, plant expansion and production preparation for the first HEV to be manufactured at the Indus Motor Company Limited (IMC) plant located at Port Qasim, Karachi.

A delegation of IMC that manufactures and markets Toyota brand vehicles in Pakistan, led by the Vice Chairman Shinji Yanagi and Chief Executive Ali Asghar Jamali, met Prime Minister Imran Khan at the Prime Minister’s Office to announce the new investment. Federal Minister for Industries Khusro Bakhtiar, Federal Minister for Energy Hammad Azhar and Finance Minister Shaukat Tareen also attended the meeting.

The company said that its decision was based on the incentives provided against certain taxes and duties by the Government of Pakistan through Finance Act, 2021 and subsequent Statutory Regulatory Orders (SROs).

Yoichi Miyazaki, CEO for Toyota Asia said, “We are excited to announce this new investment for bringing Toyota’s latest generation Hybrid Electric Technology to our customers in Pakistan. Today’s investment announcement is testament to our strong commitment to Pakistan and trust in the Government. We appreciate the Government’s policies to encourage low carbon mobility solutions. Toyota has always strived to offer the most appropriate technologies and products to meet the country’s customers’ diverse demands. This choice will allow us to move towards carbon neutrality and electrification at scale. We believe that each kind of electrified vehicle has its role and based on our global experience we are certain that Hybrid Electric Vehicles have the greatest potential to achieve mass electrification and effectively reduce CO2 emissions at the earliest timeframe, contributing to the Prime Minister’s noble vision of a “Clean and Green Pakistan”.

Prime Minister Imran Khan whilst appreciating Toyota’s investment announcement said, “Toyota/Japan has remained the most committed partner for Pakistan even in the most testing times. We value our relationship and Toyota’s trust in Pakistan’s economy and welcome this new investment for Environment Friendly Hybrid Electric Vehicles. Indus Motor Company is a wonderful example of how global companies can grow successfully here in Pakistan”.

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