Toyota, a prominent car manufacturer in Pakistan, has announced its plans to introduce the locally produced Corolla Hybrid Electric Vehicle (HEV) by December 2023. This initiative is part of a substantial $100 million investment aimed at cost reduction and emission reduction.
The CEO of the company emphasized the importance of Toyota’s investment in HEV production in Pakistan during the announcement. The investment is projected to bring substantial benefits, including a decrease in import costs, leading to annual savings of $37 million.
The automaker expressed concerns about the rising prices of locally manufactured cars, citing factors such as high taxes, inflation, the import of used cars, and currency instability. The introduction of the locally manufactured Corolla HEV is considered a noteworthy development in Pakistan’s automotive sector, promoting greater sustainability.
This move is regarded as a positive step towards enhancing the sustainability and environmental friendliness of Pakistan’s automotive sector.
This initiative aligns seamlessly with the United Nations Sustainable Development Goals, particularly those addressing climate change concerns. The introduction of HEVs is expected to contribute to emission reduction, job creation, and enhanced exports, offering significant potential for a positive impact.