Toyota Indus Motor Company (IMC) expects that at the current rate of demand increase, car sales are likely to go over 558,000 units by 2030. This would amount to an increase of 195,000 units or approximately 54 percent from the current 363,000 units.
The figure came from Gendai — a research company that specializes in the automotive industry. Toyota IMC acknowledged the significant growth that has taken place in the industry in recent years.
It highlighted the following important statistics of the industry:
- New automakers invested over $2 billion in Pakistan.
- Government generated Rs. 159 billion in revenue through the auto sector.
- Annual sales have reached 331,000 units.
- Annual production capacity has reached 418,000 units, with new carmakers working to enhance it further.
- 2.2 percent contribution to GDP.
During the journalists’ meetup, Toyota IMC CEO Ali Asghar Jamali highlighted that the company is increasing its production capacity to meet increasing demand.
He requested suppliers to enhance their capacities as well. The company aims to produce over 90,000 vehicles in 2022 with 100 percent efficiency and overtime, Jamali added.
He also shed some light on Toyota IMC’s efforts to localize hybrid electric vehicles (HEVs). “Toyota has already invested $100 million to produce HEVs in Pakistan and plans to bring electric vehicles (EVs) in the long term when the country is ready for this technology,” he said.
Jamali underlined that HEVs are a midterm solution before EVs as Pakistan doesn’t have the infrastructure for the latter.