KARACHI: Indus Motor Company (IMC), Pakistan’s top car assembler, has announced a Rs3 billion investment to enhance domestic production of Toyota-brand vehicle parts and components, according to The News.
The investment was made as part of a strategy to reduce reliance on imports and assist the local car sector, according to the firm, which is a joint venture between Toyota Motor Corporation and House of Habib.
“We are pleased to announce that the board of directors, in its meeting held on 21 February 2024, has approved an investment of around Rs3 billion to be made by the company for additional localisation of parts and components of various existing vehicles,” the company said in a statement to the Pakistan Stock Exchange.
According to the statement, the decision will enable the corporation to “reduce the outflow of foreign exchange and promote the local auto industry.”
“The announced investment shall be made towards expenditure in plant and machinery, molds, dies, equipment and related expenses for localisation of parts and components to be manufactured locally for various existing vehicles.”
The anticipated investment will be finished in the third quarter of 2025. The manufacturer has previously hinted at increased product localization.
Indus Motor is boosting the localisation of parts and components for its automobiles, including the popular Corolla models. Last year, the business unveiled its first hybrid electric vehicle, the Corolla Cross, which it claimed was 50% locally produced in terms of value.
