Indus Motor to invest $100 million in localised hybrid vehicles

Indus Motor to invest $100 million in localised hybrid vehicles

Indus Motor to invest $100 million in localised hybrid vehicles

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KARACHI: The Indus Motor Company (IMC) will invest $100 million for localised manufacturing of hybrid vehicles, opening doors for new hybrid technology, an official of the company said on Friday.

Indus Motor Company chief executive officer Ali Asghar Jamali said that the IMC recently announced an investment of $100 million for localised manufacturing of hybrid vehicles.

“This huge investment is sure to give a boost to the local auto vendor industry, while it will also open doors for new hybrid technology,” he added.

The investment will go towards localisation of components, plant expansion and production preparation for the first hybrid electric vehicle to be manufactured at the IMC plant.

Pakistan’s macroeconomic goals are tied to “Make in Pakistan” and import substitution, and the auto industry can help contribute significantly to it.

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“The industry has invested heavily in the last four decades to establish a local engineering base and we are proud that IMC has been at the forefront of this initiative. We are working on numerous upgrades and new models in the coming future with key focus on localisation,” Jamali added.

“With 36 technical assistance agreements in Pakistan, we have laid the foundation of automobile technology transfer in Pakistan and exponentially contributed to it. This has not only generated employment but also opened doors to export for many local part makers.”

He said the localisation has increased with the passage of time due to keen interest by the government and the local auto manufacturers. Higher volumes result in higher localisation levels and vice versa, he added.

The Original Equipment Manufacturers’ initiatives in localising parts of their vehicles has helped the local vendor industry significantly over the years.

Jamali said that IMC has also made an additional investment of $30 million in its plant to meet the demand in the post-Covid era. The total industry-wide installed capacity of the company has touched 420,000 units annually.

“Hybrids, in the larger interest of the country, are the practical sustainable new option for our local customers to enjoy better mileage and also help curb the oil import bill. While facilitating [the] customers through 50 per cent to 70 per cent fuel savings, hybrids will also help generate jobs through localisation,” he added.

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