IMC (Toyota Indus Motor Company) is energetically boosting its assembly plant to assemble hybrid electric vehicles (HEVs) on-site by next year.
When asked about the timeline for introducing HEVs, Toyota IMC CEO Ali Asghar Jamali stated that the company will launch the locally assembled Toyota Corolla Cross in 2023, ranging from 5 to 7 million.
However, given the current economic situation and the government’s plan to increase vehicle taxes, Toyota IMC will announce its final price next year.
Jamali also shared the company’s plans for general HEV localization.
He explained: that Toyota has already invested US$100 million in the production of HEVs in Pakistan and plans to bring electric vehicles (EVs) to market in the long term when the country is ready for this technology.
Jamali emphasized that HEVs are a medium-term solution ahead of electric vehicles as Pakistan does not have the infrastructure for the latter, adding that Pakistan could reduce its oil imports by up to 50 percent of all cars were converted to HEVs.
EVs will increase local imports of LNG, coal, and crude oil as most of Pakistan’s electricity is generated from fossil fuels.
At the same time, investments would also be needed to improve distribution and create charging infrastructure, Jamali points out.