IMC to Launch Local Assembled Toyota Corolla Cross in 2023

Indus Motor Company (IMC) the assemblers of Toyota cars in Pakistan is planning to launch its first locally-assembled Hybrid Electric Vehicle (HEV) the Toyota Corolla Cross in 2023. This was revealed by the CEO of IMC Mr Ali Asghar Jamali during the 6th Journalists Summit 2022 organized by the company. He said:

“We are planning to launch our first-ever locally-assembled HEV SUV – Toyota Corolla Cross by 2023. Continuing the legacy of ‘Make in Pakistan’ philosophy, Toyota has already invested $100 million to produce HEVs in Pakistan.”

Related: Toyota to Assemble Hybrid Cars Locally

The CEO went on to reveal that the locally assembled Toyota Corolla Cross will be priced between Rs 5 million to 7 million, however considering the current economic situation of the country and the government’s plan to increase taxes on cars, IMC will reveal its final price next year. Keep in mind Corolla Cross is currently sold by IMC as CBU imported product as is priced from Rs 1.22 crore for the base variant to up to Rs 1.34 crore for the top-spec variant.

According to Jamali, the introduction of hybrid technology would not only add a new dimension to localization in Pakistan but would also benefit the country in terms of forex savings and reduction of the fuel import bill. He underlined that bringing Electric Vehicles (EVs) is also a part of the company’s long-term policy but Hybrid vehicles are a midterm solution before EVs as Pakistan doesn’t have the infrastructure ready for all-electric vehicles. He said:

“We can confidently claim that with existing power generation mix, HEVs can serve all the objectives of EVs, including a cap on carbon emission, reduction in oil import bill while contributing to the localization and increase in GDP. Pakistan imports $9.7 billion worth of crude oil for refineries to produce petrol and diesel and the largest category of import is petroleum commodities, the import bill can be reduced by 50% if the country has 100% HEVs.”

Related: Japanese Automakers are Least Prepared for Zero-Emissions Shift

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The IMC CEO said the company is increasing production capacity to meet increasing customer demands while suppliers are also requested to cap up their capacities as the company aims to produce over 90,000 vehicles in 2022 with 100% efficiency and over time, adding that they are currently putting extra effort and time to produce vehicles more than the company’s current capacity.

Related: Toyota CEO Akio Toyoda is Dissatisfied with Japan’s Push Towards EVs

Jamali also urged that Pakistan should also develop a national industrial policy for the period of 20 years so that the serious investors can come to Pakistan eventually, attracting the Foreign Direct Investment in the field of Steel, Resin, Light Engineering, etc besides strengthening the local value addition in the whole value chain further.

Full Story: Business Recorders

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