Pakistan’ Indus Motor Company (IMC), manufacturer of Toyota Cars, has announced that it will invest $ 100 million in local production of hybrid electric vehicles. The decision was announced to take advantage of the incentives offered to the automotive sector.
The company said in a statement that the $ 100 million will be invested over a period of three years. The announcement comes after Toyota Motor Corp., the parent company of IMC, said it plans to spend more than $ 13.5 billion by 2030 to develop batteries and battery system as the transition to hybrid electric vehicles picks up steam.
“We are pleased to announce that under certain tax and levy incentives announced by the Government of Pakistan in the 2021 Financial Law and subsequent SROs, the Company has estimated and plans to invest a total of $ 100 million over the next three years in the production of domestic electric vehicles in Pakistan.” , – said in Indus Motor.
Indus Motors (INDU) said the announced investments relate to plant upgrades and expansions, the placement of parts or components, and the preparation or assembly of the first hybrid electric vehicle at its plant at the Qasim Port Authority in Karachi.
Indus Motors reported sales of Rs. 179.2 billion for the year ended June 2021, up 108% from Rs. 86.2 billion in the previous year. At the same time, profit after tax increased by 151% to 12.8 billion rupees from 5.1 billion rupees.
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