Toyota announces $100m investment in Pakistan for local production of hybrid EVs

In a positive development for the country’s electric vehicle sector, Toyota has announced a massive $100 million investment for the local production of hybrid electric vehicles in Pakistan. The investment will reportedly be used to localize components, expand the production plant, and essentially prepare Indus Motor Company (IMC) Limited to manufacture a hybrid electric vehicle.

As reported by Daily Times, a delegation from the Indus Motor Company – led by Vice Chairman Mr. Shinji Yanagi and Chief Executive Mr. Ali Asghar Jamali – met with Prime Minister Imran Khan today at the Prime Minister’s Office to announce the new investment.

CEO Toyota Asia Yoichi Miyazaki expressed his company’s commitment towards Pakistan and the government’s goal to achieve electrification at a massive scale.

“We are excited to announce this new investment for bringing Toyota’s latest generation Hybrid Electric Technology to our customers in Pakistan,” Miyazaki said. “Today’s investment announcement is testament to our strong commitment to Pakistan and trust in the Government. We appreciate the Government’s policies to encourage low carbon mobility solutions.”

The executive strongly believes that hybrid electric vehicles have the greatest potential to achieve mass electrification and effectively reduce CO2 emissions at the earliest timeframe.

Meanwhile PM Imran Khan was incredibly appreciative of Toyota’s investment, especially during these “testing times”.

“Toyota/Japan has remained the most committed partner for Pakistan even in the most testing times,” the premier said. “We value our relationship and Toyota’s trust in Pakistan’s economy and welcome this new investment for Environment Friendly Hybrid Electric Vehicles.”

“Indus Motor Company is a wonderful example of how global companies can grow successfully here in Pakistan,” he added.

CEO IMC Ali Asghar Jamali said that he was “thrilled” to introduce the nation to hybrid electric vehicle technology.

“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, in line with the vision of our Honorable Prime Minister Imran Khan,” the executive said.