Indus Motor Company (IMC), the local manufacturer of Toyota vehicles in Pakistan, is anticipated to introduce its locally built Hybrid Electric Vehicle (HEV) by the end of next year.
The news was revealed by the company’s top executives during a business conference on May 5 to go over the 3QFY23 (January-March) financial results and forecasts.
The management of Indus Motor reportedly claimed that construction on the hybrid facility is under progress, according to brokerage house Arif Habib Limited, which took part in the event.
Back in September 2021, the company had announced that it was going to invest $100 million in the local production of hybrid electric vehicles. The $100 million amount was to be invested over the period of three years, it stated.
“The local component in the hybrid model will be ~52%- 53%,” it added.
Last week, IMC reported a profit-after-tax (PAT) of Rs3.216 billion for the third quarter of financial year 2022-23, a decrease of 37% as compared with earnings of Rs5.118 billion in the same period of the previous year.
Pakistan’s auto industry reported car sales of 9,211 units in March, 62% higher on a month-on-month basis but still 66% lower compared to the number in March 2022, according to data shared by Pakistan Automotive Manufacturers Association (PAMA).
