Toyota to invest over $100million in Hybrid Vehicles

Toyota motor company ome of the top three auto manufacturing companies in Pakistan has announced that it will invest over $100 million for the production of Hybrid Electric Vehicles in the country.

This investment will be towards localization of components, plant expansion and production preparation for the first Hybrid Electric Vehicle to be manufactured at Indus Motor Company Limited (IMC) plant located at Port Qasim, Karachi. This was announced after a high level delegation from Toyota met with PM Imran Khan at his office. The delegation was led byVice Chairman Shinji Yanagi and Chief Executive Ali Asghar Jamali, Yoichi Miyazaki, CEO for Toyota Asia, joined the meeting via video link.

Yoichi Miyazaki 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.” He further added that Toyota appreciates 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. Ali Asghar Jamali, Chief Executive, Indus Motor Company Ltd said 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. MC further says that it has contributed massively towards establishment of the local automobile industry here in Pakistan, by creating its complete value chain with over 60 Part Makers making over PKR 200 million worth of parts every working day, 50 independently owned dealerships providing after sales service to customers and employing over 60,000 people directly and indirectly, working across Pakistan.