TOYOTA To Invest $100 million for Hybrid Vehicles in Pakistan

ISLAMABAD: (Web Desk) World’s biggest carmaker Toyota will invest over US$100 million for the local production of Hybrid Electric Vehicle (HEV) in Pakistan.

The announced investment shall be spent on localization of components, plant expansion, and production preparation for the first Hybrid Electric Vehicle to be manufactured at the Indus Motor Company Limited (IMC) plant in Karachi.

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A delegation from Indus Motor Company led by the Vice-Chairman, Mr. Shinji Yanagi, and Chief Executive, Mr. Ali Asghar Jamali, met with Prime Minister Imran Khan at the Prime Minister’s Office to brief the investment plan.

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Mr. Yoichi Miyazaki, CEO for Toyota Asia, also attended the meeting on the video link. Members of the Cabinet including the Federal Minister for Industries, Mr. Khusro Bakhtiar, Federal Minister for Energy, Mr. Hammad Azhar, and Finance Minister, Mr. Shaukat Tareen also attended the meeting. The Ambassador of Japan to Pakistan, H.E. Mr. Kuninori Matsuda, also graced the occasion.