Toyota Indus Motor Company (IMC) CEO Ali Asghar Jamali says that Pakistan is one of the greatest climate change victims and needs smart steps on every front to prevent a major catastrophe.
A press release issued by Toyota mentioned the Global Carbon Budget 2022 data. According to the details, Pakistan recorded 229.51 million tons of CO2 emissions in 2021, up 9% from 210.38 million tons in 2020.
Jamali stated that hybrid electric vehicles (HEVs) are the best durable solution to the country’s economic and environmental challenges because they will enhance exports, employment, and macroeconomic goals, and reduce imports.
He added that HEVs are the best way to cut carbon dioxide emissions in fossil fuel-dependent countries like Pakistan and India, which use 62% and 75% of conventional fuels in vehicles and other machinery.
Jamali noted that Toyota has invested $100 million to produce HEV vehicles in Pakistan and will shortly unveil the locally assembled Corolla Cross Hybrid — Toyota’s first locally assembled HEV SUV. He added that 30,000 HEVs will save $37 million per year in fuel import costs.
Jamali stated that despite a 55% production decline, the has kept all of its resources on its payroll. Jamali added:
The automobile sector of the country faces major challenges including weak demand, rapid price escalation, expensive auto financing, higher taxes, and deteriorating macros.
He said IMC’s volumetric sales fell 58% from January to June 2023. Jamali said the local auto sector has been struggling to fulfill production targets due to LCs for a long time, which is hurting sales.
He also noted that used car imports are outpacing OEM production, which is hurting the local auto industry. He stated that more than 6,000 used cars were imported in 2022-23, with 1,800 imported in May and June alone.
Jamali added the government should encourage the local auto industry, which is making automobiles locally, instead of importing used cars due to SBP’s minimum foreign exchange reserves. He stated:
This issue of used car imports is also nullifying the plausible localization achieved by the local auto industry, in terms of parts and future localization plans.
Source: Pro Pakistani