ISLAMABAD: Ali Asghar Jamali, the Chief Executive of Indus Motor Company, revealed plans for the launch of Pakistan’s first locally made Hybrid Crossover Sports Utility Vehicle (C-SUV). Jamali emphasized the critical role Hybrid Electric Vehicles (HEVs) will play in Pakistan’s fight against climate change and achieving the UN’s Sustainable Development goals.
“Pakistan, despite being one of the lowest contributors to climate change, is still facing severe impacts. Our locally made Hybrid Electric Vehicles (HEVs) will be a conscious effort to further reduce emissions and achieve the UN’s Sustainable Development goals,” stated Jamali while talking to a group of journalists on Wednesday.
He highlighted the significance of HEVs, not just as an environmentally responsible choice, but also for their positive economic implications. Jamali explained that these vehicles would boost employment opportunities and open new avenues for exports.Â
Backing this eco-friendly initiative, Toyota recently invested $100 million in producing HEVs in Pakistan. This strategic move aims to not only cut down Pakistan’s import bill significantly but also save approximately $37 million annually, with the production of 30 thousand units of HEVs.
Despite these positive strides, Jamali acknowledged the challenges faced by the local auto industry, including high taxation, inflation, used car imports, and currency instability. He stressed the urgent need for a well-structured import policy to support the growth of the local auto sector.Â
Over 6,500 used cars were imported in the financial year 2022-23, with an additional 7,500 units brought into the country within the first three months of the current fiscal year. Jamali expressed concern that this influx of used car imports undermines the progress made in localization by the local auto industry and hampers the potential for further localization in Pakistan.
Despite these challenges, Jamali commended the recent relaxations in the opening of Letters of Credit (LCs) for imports, which have assisted the local industry in procuring essential raw materials. These relaxations led to improvements in the sales of passenger cars and light commercial vehicles for Original Equipment Manufacturers (OEMs) in September 2023, although there was still a 26% decline in sales on a year-on-year basis.
Looking ahead, Jamali expressed gratitude to the government for its efforts to support localization, which he believes holds the key to the auto industry’s recovery and its contribution to the revival of the economy.
As Pakistan gears up to embrace a greener future with HEVs, Jamali assured that Indus Motor Company remains dedicated to overcoming the challenges at hand and steering the auto industry toward a brighter and more sustainable tomorrow.
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