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Saturday 23rd October 2021 / 17 Rabiulawal 1443

Toyota to invest $100m for production of hybrid electric vehicles, PM told

The prime minister was speaking to delegation of Toyota Indus Motors Company. Source: PakWheels

The prime minister was speaking to delegation of Toyota Indus Motors Company. Source: PakWheels

ISLAMABAD: Prime Minister Imran Khan on Wednesday the government will provide all possible assistance for the production of quality vehicles at reasonable prices.

The prime minister was speaking to delegation of Toyota Indus Motors Company in Islamabad. He lauded Toyota’s role for tackling climate change and creating vast employment opportunities in the country.

PM Imran Khan was informed that Toyota Motors will invest $100 million in Pakistan for local production of hybrid electric vehicles. He directed the authorities concerned to get maximum share for Pakistan in the international auto export market.

The prime minister termed the decision as a “significant step in tackling climate change and creating vast employment opportunities in the country”.

He directed the concerned authorities to get a maximum share for Pakistan in the international auto export market. He appreciated the cooperation of Toyota Motors in bringing down the prices of vehicles in Pakistan.

The meeting was attended by Indus Motor Company Vice-Chairman Shinji Yanagi and Chief Executive Officer (CEO) Ali Asghar Jamali. Finance Minister Shaukat Fayyaz Tareen, Industries and Production Minister Makhdoom Khusro Bakhtiar, Energy Minister Muhammad Hammad Azhar were also present during the meeting.

Earlier in the day, the Indus Motor Company sent a notice to Pakistan Stock Exchange (PSX) and announced the company has evaluated and “plans to invest an estimated aggregate amount of $100 million over the period of next three years”.

“The investment is being done for the local production of Hybrid Electric Vehicles (HEV) in Pakistan,” it said, adding the decision was based on the incentives provided against certain taxes and duties as announced by the government through Finance Act 2021.

The statement further added that the announced investment shall be made towards plant up-gradation and extension, localisation of parts or components and production preparation or assembling of the first HEV by the company at its plant in Port Qasim Authority.

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