In its bid to cut costs and emissions with an investment worth $100 million, the Indus Motor Company (IMC), the Toyota car assembler in Pakistan, has announced plans to launch the locally-made Corolla Hybrid Electric Vehicle by next month.
The development was reported after the company’s Chief Executive Officer Ali Jamali announced the IMC’s plans on Wednesday, underscoring the significance of Toyota’s whopping $100 million investment towards HEV production in Pakistan.
The investment will not only reduce import costs but also has the potential to yield an annual savings of $37 million as 30,000 HEV units enter production. This announcement marks a pivotal moment in the country’s automotive sector, charting a path toward a more sustainable and environmentally friendly future.
This eco-conscious initiative aligns seamlessly with the United Nations’ Sustainable Development goals, with a specific focus on addressing climate change concerns. The introduction of HEVs promises a reduction in emissions, the creation of job opportunities, and an enhanced potential for exports.
Jamali expressed grave concerns about various factors that have led to surging prices for locally manufactured cars. High taxation, inflation, the import of used cars, and currency instability were highlighted as key contributors to this escalating issue.