PM Imran Khan assures Toyota makers of assistance for cheaper vehicles

ISLAMABAD: Prime Minister Imran Khan on Wednesday assured complete assistance to Indus Motor Company Limited (IMC), the makers of Toyota vehicles in Pakistan, for the availability of vehicles at cheaper rates in the country as the company plans to invest U$100 million in the local production of hybrid electric vehicles, ARY NEWS reported.

A delegation of Indus Motor Company today called on the prime minister and briefed that the company would invest US$100 million for local manufacturing of hybrid electric vehicles.

The prime minister termed the initiative as key to tackling climate change issues in the country, besides also generating jobs opportunities for the local population.

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

Earlier in the day, Indus Motor Company Limited (IMC), the makers of Toyota vehicles in Pakistan, has announced that it would invest $100 million in the local production of hybrid electric vehicles.

The amount will be invested over the period of three years, said the company in its filing to the Pakistan Stock Exchange (PSX) on Wednesday.

“We are pleased to announce that, based on the incentives provided against certain taxes, duties as announced by the Government of Pakistan through Finance Act 2021, and subsequent Statutory Regulatory Orders (SROs), the company has evaluated and plans to invest an estimated aggregate amount of $100 million, over the next 3 years, for the local production of Hybrid Electric Vehicle (HEV) in Pakistan,” the company wrote in letter to Pakistan Stock Exchange (PSX).