The Toyota car assembler in Pakistan is set to introduce the locally-madeCorolla Hybrid Electric Vehicle (HEV) by December 2023. This initiative ispart of a substantial $100 million investment aimed at reducing costs andemissions. The company’s CEO emphasized the significance of Toyota’scommitment to HEV production in Pakistan during the announcement onWednesday.
The CEO also pointed out various potential benefits associated with thisinvestment. These include the anticipation of reduced import costs, annualsavings amounting to $37 million, and the promise of a more sustainable andenvironmentally friendly future for the country’s automotive sector.
In addition to the positive aspects of the announcement, the automakerexpressed serious concerns about the escalating prices of locallymanufactured cars. These price hikes were attributed to factors such ashigh taxation, inflation, the import of used cars, and currency instability.
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The impending launch of the locally-made Corolla HEV marks a pivotal momentin Pakistan’s automotive sector, paving the way for a more sustainable andeco-friendly future. This strategic move also aligns seamlessly with theUnited Nations’ Sustainable Development Goals, placing a specific focus onaddressing climate change concerns.