Indus Motor to invest $100m for Hybrid Electric cars2 min read
It has plans to invest an estimated aggregate amount of $100 million, over the period of next 3 years, for the local production of Hybrid Electric Vehicle in Pakistan
KARACHI: Indus Motor, manufacturer of Toyota car in Pakistan, will invest $100 million in Pakistan for plant upgradation and extension and localization of the parts and other components of Hybrid Electric Vehicles, the company said in a statement here on Wednesday.
In a notice issued at PSX website, the company said that the decision to invest $100 million has been taken owing to the incentives provided against certain taxes and duties as announced by the government through finance Act, 2021 and subsequent SROs.
The company said, “it has evaluated and plans to invest an estimated aggregate amount of $100 million, over the period of next 3 years, for the local production of Hybrid Electric Vehicle (HEV) in Pakistan.
“The announced investment shall be made towards plant upgradation and extension, localization of parts or components and production preparation or assembling of the first Hybrid Electric Vehicle, by the company at its plant in Port Qasim Authority, Karachi,” the company’s notice said.
A delegation from Indus Motor Company led by Vice Chairman Shinji Yanagi and Chief Executive Ali Asghar Jamali, met with the prime minister on Wednesday at the Prime Minister’s Office to announce the new investment.
The meeting was attended by Toyota Asia CEO Yoichi Miyazaki via video message. Members of the Cabinet including the Federal Minister for Industries Khusro Bakhtiar, Federal Minister for Energy Hammad Azhar and Finance Minister Shaukat Tareen also attended the meeting whereas Ambassador of Japan to Pakistan, Kuninori Matsuda, was also present on the occasion.
Yesterday, Sindh Excise Minister Mukesh Kumar announced that the registration of electric vehicles and motorcycles has started.
The decision has been taken keeping in view the increasing demand from people buying electric vehicles and motorcycles in Sindh province, as these customers have been facing difficulties due to the delay in the registration process.