Toyota, a leading car assembler in Pakistan, has unveiled plans to introduce the locally manufactured Corolla Hybrid Electric Vehicle (HEV) by December 2023.
This initiative is part of a substantial $100 million investment aimed at cutting costs and reducing emissions.
The CEO of the company emphasized the significance of Toyota's investment in HEV production in Pakistan during the announcement. The investment is expected to yield substantial benefits, including a reduction in import costs, resulting in annual savings of $37 million.
This move is seen as a positive step towards making the country's automotive sector more sustainable and environmentally friendly.
The automaker expressed concerns about the escalating prices of locally produced cars, citing factors such as high taxes, inflation, the import of used cars, and currency instability. The launch of the locally produced Corolla HEV is considered a noteworthy development in Pakistan's automotive sector, promoting greater sustainability.
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, promising significant potential for positive impact.
