IMC posts record sales of 13,000 cars in Q1

RECORDER REPORT

LAHORE: Indus Motor Company (IMC) has posted record sales in the Q1 of 2011 with 13,000 cars against 12,160 cars in the corresponding period of 2010, the CEO of IMC, Parvez Ghias told newsmen here on Monday.

Indus Motor is the sole distributor of both Toyota and Daihatsu Brands cars.

Sharing the IMC performance statistics with media, Ghias said, IMC gave the business volume of Rs 22 billion to 60 local vendors on purchases in the fiscal year 2010-11 procuring parts and assemblies for its various models at the rate of Rs 90 million per day.

IMC produced 50,759 units in 2010-11 with the production rate of 210 units per day. While IMC employs 2,187 local people and has dealership network of 34 dealers across the country, he added. "Its annual turnover is Rs 60 billion out of which Rs 20 billion are paid as taxes to the government, Ghias said.

He said last year IMC alone contributed 1.5% to GDP of the country. IMC, other OEMs and auto parts manufacturers employ around 200,000 people and supports employment of over a million people throughout supply chain of vendors, suppliers and dealers.

He said (IMC) has always extended support to local vendors and encouraged them to produce maximum number of auto parts, as IMC would be the first buyer of any auto part made locally and meeting the prescribed international standards.

Ghias said IMC has put in a lot of efforts and investment in developing the engineering base and enhancing the skill sets of local engineers, which has helped IMC to achieve more than 50 % localisation on average so far while the journey is still on. IMC has facilitated in 34 technical assistance agreements with world-renowned manufacturers, brining precision equipment and state of the art automotive technology to Pakistan.

Ghias disclosed that IMC is going to add one more model to the Hilux - IMV family very soon which would not only enhance options for the customers but local vendors would also get auto parts manufacturing orders for the new IMC variant.

Ghias said that IMC has alone established 60 vendors so far and the company is their permanent buyer. Besides, IMC has arranged 34 technical assistance agreements for transfer of technology, he added.

The IMC CEO stressed that unless law and order is improved and energy crisis solved, foreign investors are not coming to Pakistan in a big way. In fact the local investors are running away from the country to protect their life and property, he added.