$100m Investment in Pakistan by Toyota for Hybrid Automobiles
Toyota has announced a $100 million investment in the local production of Hybrid Electric Vehicles (HEV) in Pakistan, boosted by the increased government backing for electric vehicles in Pakistan.
IMC, which manufactures and markets Toyota automobiles in Pakistan, met with Prime Minister Imran Khan at the Prime Minister’s Office to announce the extra investment.
IMC has made a significant contribution to the development of the local automobile industry in Pakistan by establishing its complete value chain, which includes over 60 component manufacturers producing over PKR 200 million worth of components every working day, 50 independently owned dealerships providing aftersales service to customers, and over 60,000 people employed directly and indirectly across Pakistan.
The money will assist with component localization, facility expansion, and production planning for the Indus Motor Company Limited (IMC) plant in Port Qasim, Karachi, where the first HEV will be assembled.
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