Saturday, February 4, 2023

Toyota to invest over $100m in Pakistan for local production of Hybrid Electric Vehicles

Prime Minister Imran Khan appreciated Toyota’s investment announcement

Toyota Motor Corporation on Wednesday announced to invest over $100 million in Pakistan for local production of Hybrid Electric Vehicle (HEV).

The announced investment will go towards localization of components, expansion of the plant, and preparation for the manufacturing of the first Hybrid Electric Vehicle in Pakistan. The HEV will be manufactured at Indus Motor Company Limited (IMC) plant located at Port Qasim, Karachi, according to a press release. The company will make the investment over a period of three years.

Indus Motor Company announced the new investment during a meeting with Prime Minister Imran Khan on Wednesday. The IMC delegation led by the Vice-Chairman, Mr. Shinji Yanagi, and Chief Executive, Mr. Ali Asghar Jamali met Imran Khan at the Prime Minister’s Office.

Others who attended the meeting included the Ambassador of Japan to Pakistan, Kuninori Matsuda, the Federal Minister for Industries, Khusro Bakhtiar, the Federal Minister for Energy, Hammad Azhar, and the Finance Minister, Shaukat Tareen. CEO for Toyota Asia Yoichi Miyazaki attended the meeting via video call.

PM Khan appreciates Toyota’s investment announcement

Prime Minister Imran Khan appreciated Toyota’s investment announcement saying that the company has remained the most committed partner for Pakistan even during its 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,” said Imran Khan, adding that the decision was a “significant step in tackling climate change and creating vast employment opportunities in the country”.

He said that the government would extend all possible assistance to ensure the production of quality vehicles in Pakistan at reasonable prices.

Yoichi Miyazaki said Toyota appreciates Pakistan Government’s policies to encourage low carbon mobility solutions, adding that the latest investment is a “testament to our strong commitment to Pakistan and trust in the Government.”

“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,” added Yoichi.

The Ambassador of Japan to Pakistan, Kuninori Matsuda also welcomed Toyota’s decision and hoped the new investment decision will take the economic ties between the two countries to the next level.

“It is a symbolic milestone as we approach the 70th anniversary of the establishment of our diplomatic relations, in 2022,” said Kuninori. “I hope that the Japanese auto technology will play a key role to realize the new Pakistani automobile development plan,” he added.

CEO Indus Motor Ali Asghar Jamali said IMC is strongly committed to contributing to making Pakistan less vulnerable to Climate Change. Toyota has various electrification technologies and among those “Strong Hybrids offer a practical and sustainable solution for achieving mass electrification. We are thrilled to bring the most efficient 4th Generation Hybrid Electric Vehicle to our customers, which will help reduce carbon footprint of our vehicles, in line with the vision of PM Imran Khan.”

Indus Motor’s contribution to Pakistan’s automobile industry

IMC has contributed massively towards the establishment of Pakistan’s local automobile industry. The company created its complete value chain with over 60 Part Makers making more than Rs 200 million worth of parts daily. The company also has 50 independently owned dealerships providing after-sales service to customers. Over 60,000 Pakistanis are directly or indirectly employed in the company across the country.

Imran Khan said that Indus Motor Company is a wonderful example of how global companies can grow successfully here in Pakistan.

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