Toyota to Launch Locally Built Corolla Hybrid Electric Vehicle in Pakistan

Indus Motor Company (IMC) has announced plans to launch the locally built Toyota Corolla Hybrid Electric Vehicle (HEV) in Pakistan. According to IMC’s Chief Executive Officer (CEO), the automaker has invested $100 million towards HEV production in Pakistan in a bid to cut down on import costs as well as emissions.

The investment is expected to yield an annual savings of $37 million with 30,000 HEV units entering production. Furthermore, the development marks a significant moment in the country’s automotive sector, which is moving towards a more sustainable and environmentally friendly future.

The move also aligns with the goals set by the United Nations’ Sustainable Development Group by reducing emissions, creating job opportunities, and working towards economic growth through enhanced potential for exports.

Jamali also shared concerns about various factors that have caused a surge in prices for locally assembled vehicles, which includes high taxation, inflation, currency’s depreciation, and import of used cars.

He stressed on the importance of enhancing our local automotive industry and pointed out that used car imports have a massive detrimental impact on the sector and undermines the progress of localizing car production in Pakistan.

Jamali appreciated the government’s efforts towards revitalizing the automotive industry as well as the recent relaxations in opening of letters of credit (LCs) for import of raw materials essential for the production.

The CEO said that Indus Motor Company (IMC) is committed towards steering the automotive industry towards a more sustainable future. Moreover, the company’s plan to launch the locally-made Corolla Hybrid Electric Vehicle (HEV) in Pakistan by next month is the first step towards its long-term goals.

Read more: Latest Toyota Yaris Price in Pakistan – November 2023.

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