IMC Plans to Launch the First Locally Assembled Hybrid Electric Vehicle

The world rapidly moving towards renewable sources of energy & electrics/hybrid vehicles in order to cut carbon emissions to save mother nature. Pakistan on the other hand is a bit sluggish in adopting it. However, setting new precedence, Indus Motor Company (IMC) plans to deploy its first locally-assembled Hybrid Electric Vehicle (HEV) SUV, the Toyota Corolla Cross, by 2023.

IMC Plans to Launch the First Locally Assembled Hybrid Electric Vehicle

Hybrid vehicles are an interim option before Electric Vehicles because Pakistan does not have the infrastructure suitable for EVs. Bringing Electric Vehicles (EV) is also a part of the company’s long-term policy. At the 6th Journalists Summit 2022 organized by the company at Muzaffarabad, AJK, CEO IMC Asghar Jamali said,

Yes, 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.

To exploit the potential of a newly established SUV niche between Rs 5 million and Rs 7 million, he stated that the Toyota Corolla Cross will be offered in a similar price range. If the Toyota Corolla Cross – HEV is launched between Rs 5 million and Rs 7 million, it would be a smart move as it would knock out all auto assemblers who offer conventional 5-seat SUVs in a similar price range.

“In Pakistan, the automobile industry is one of the fastest-growing industries, accounting for approximately 2-3 percent of the country’s GDP and Pakistan is the 35th largest vehicle producer,” Jamali stated.

He believed that introducing hybrid technology would not only bring a new dimension to localization in Pakistan, but would also help the country in terms of forex savings and lower petroleum import costs.

“With the present power generating mix, we can certainly declare that HEVs can serve all of the purposes of EVs, including a cap on carbon emissions, a reduction in oil import cost while contributing to localization and GDP growth,” he added.

“Pakistan imports $9.7 billion worth of crude oil for refineries to manufacture petrol and diesel, and petroleum goods are the largest category of import,” Jamali said, adding that the country’s import bill could be cut in half if it had 100 percent HEVs.

The IMC CEO stated that the company is increasing production capacity to meet rising customer demands, while suppliers are also being asked to increase their capacity to meet future demands, as the company aims to produce over 90,000 vehicles with 100 percent efficiency and overtime by 2022, adding that they are currently putting in extra effort and time to produce vehicles greater than the company’s current capacity.

In response to the recent increase in vehicle prices in Pakistan, he stated that the entire world had been subjected to tremendous inflationary pressures in the past couple of years, and Pakistan was no exception.

Check out? IMC CEO: Electric Vehicles Are Not Suitable for Pakistan