Toyota Indus Motor Company (IMC) CEO Ali Asghar Jamali met Prime Minister Shahbaz Sharif yesterday to discuss the current state and the future of Pakistan’s auto industry. Japanese ambassador to Pakistan Mitsuhiro Wada also participated.
Jamali highlighted the company’s contributions to the local auto industry since its inception, while the prime minister acknowledged Toyota’s presence in Pakistan since 1989. He discussed the importance of technological modernization, localization of parts, and normalization of electric vehicles (EVs) and hybrid electric vehicles (HEVs) in Pakistan.
Jamali rebutted that in order for the car industry to progress, the government must incentivize it. Sharif assured Jamali that the government is taking steps to attract foreign direct investment (FDI) into Pakistan and to eradicate any hindrances in its way.
Late last month, Toyota Indus Motor Company (IMC) announced that it is upgrading its production facility to locally assemble hybrid electric vehicles (HEVs) by 2023. It added that the company will launch the locally assembled Toyota Corolla Cross in 2023.
During a quarterly financial review briefing, Jamali shared the company’s plans for the overall localization of HEVs. He stated that:
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.