Toyota Indus Motor Company (IMC) recently confirmed that it will start local manufacture of hybrid electric vehicles (HEVs) in Pakistan as soon as the end of this month. The company announced in an official statement to the PSX that it will invest $100 million over the next three years in the local production of hybrid and electric vehicles.
Toyota IMC also stated that the business will use the funds to upgrade the local assembly plant in Karachi’s Port Qasim, which will also allow for further localization of auto parts in the future.
The corporation also expressed gratitude to the government for the recent duty and tax breaks offered to manufacturers in order to boost the local production and sale of environmentally-friendly vehicles.
There are also indications that Honda Atlas Cars Limited (HACL) intends to make a significant investment in the local production of hybrid and electric vehicles in the not-too-distant future.