Toyota to invest $100m for local production of hybrid electric vehicles, PM told

• PM Imran Khan directs concerned authorities to get a maximum share for Pakistan in the international auto export market.
• Toyota plans to invest an estimated aggregate amount of $100 million over the period of next three years.
• The investment is being done for the local production of Hybrid Electric Vehicles (HEV) in Pakistan.

ISLAMABAD: Prime Minister Imran Khan on Wednesday was informed of Toyota's interest to invest in the country's hybrid electric vehicle manufacturing sector.

During a meeting with the delegation of Toyota Indus Motors Company, the premier was informed that Toyota Motors would invest $100 million in Pakistan for the local production of hybrid electric vehicles.

The prime minister termed the decision as a “significant step in tackling climate change and creating vast employment opportunities in the country”.

He said that the government would extend all possible assistance for the production of quality vehicles at reasonable prices in Pakistan.

PM Imran Khan directed the concerned authorities to get a maximum share for Pakistan in the international auto export market.

He appreciated the cooperation of Toyota Motors in bringing down the prices of vehicles in Pakistan.

The meeting was attended by Indus Motor Company Vice-Chairman Shinji Yanagi and Chief Executive Officer (CEO) Ali Asghar Jamali.

Finance Minister Shaukat Fayyaz Tareen, Industries and Production Minister Makhdoom Khusro Bakhtiar, Energy Minister Muhammad Hammad Azhar were also present during the meeting.

Earlier in the day, in a notice sent to the Pakistan Stock Exchange (PSX), the Indus Motor Company announced that based on the incentives provided against certain taxes and duties as announced by the government through Finance Act, 2021 and subsequent SROs, the company has evaluated and “plans to invest an estimated aggregate amount of $100 million over the period of next three years”.

“The investment is being done for the local production of Hybrid Electric Vehicles (HEV) in Pakistan,” it said.

The statement further added that the announced investment shall be made towards plant up-gradation and extension, localisation of parts or components and production preparation or assembling of the first HEV by the company at its plant in Port Qasim Authority.