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Indus Motor Company (IMC), the maker of Toyota automobiles in Pakistan, is expected to launch its locally-assembled Hybrid Electric Vehicle (HEV) by the end of next year.

The company’s top officials disclosed the development in a corporate briefing held on May 5 to discuss 3QFY23 (January-March) financial results and future outlook.

According to brokerage house Arif Habib Limited, which participated in the session, the management of Indus Motor stated that work on the hybrid facility is in progress.

Back in September 2021, the company had announced that it was going to invest $100 million in the local production of hybrid electric vehicles. The $100 million amount was to be invested over the period of three years, it stated.

“The company believes the demand for the locally produced hybrid model, which is expected to be launched next fiscal year, has come down from what was anticipated at the time of expansion,” said another brokerage house Ismail Iqbal Securities in a note.

“The local component in the hybrid model will be ~52%- 53%,” it added.

Last week, IMC reported a profit-after-tax (PAT) of Rs3.216 billion for the third quarter of financial year 2022-23, a decrease of 37% as compared with earnings of Rs5.118 billion in the same period of the previous year.

Earnings per share (EPS) stood at Rs40.92 compared with Rs65.11. The board of directors met on April 20 to review the company’s financial and operational performance in the first nine months ended March 31, 2023.

Along with the result, the company declared an interim cash dividend of Rs24.4 per share. This was in addition to the already paid interim cash dividend of Rs18.4 per share.

The industry, highly dependent on imports, has been caught in the midst of an exchange-rate crisis with players in the auto sector either passing on the impact of rupee depreciation to its customers or scaling back operations.

Pakistan’s auto industry reported car sales of 9,211 units in March, 62% higher on a month-on-month basis but still 66% lower compared to the number in March 2022, according to data shared by Pakistan Automotive Manufacturers Association (PAMA).

In October 2022, Indus Motor Company CEO Ali Asghar Jamali said at an event that “sales can drop to as low as 160,000 cars in fiscal year 2023 if suspension on import of completely knocked down (CKD) units persists”.

“Despite these challenges, the company will launch Corolla Cross as per plan next year,” he said then.

“Pakistan should develop a national industrial policy for a period of 20 years to attract investors to set up steel and plastic industries,” he added in response to a question on the sector’s future growth and high car prices. “Steel and plastic resins are currently being imported that drive the car prices higher.”

Comments

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Haq May 06, 2023 05:28pm
Toyota probably launch Corolla Cross, which they ve been selling already as a CBU (from Thailand). This hybrid vehicle is an international failure, cheaper knock-out version of Prius / Aqua (japanese mnfg), CVT transmission, front wheel drive (NOT a cross over, as name suggest). As a model failed, no doubt IMC will bring another junk (like existing Corolla & Yaris) to rip masses & to fulfill re-re-re-revised so called 'Automotive Policy 2021', when they convince Abdul Razzaq Dawood that HEVs are better than EVs
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Abbas May 06, 2023 07:24pm
Have been hearing this for ages now. They’ll likely follow their age old policy of deceit by re-applying badges and calling it a new generation of vehicle. So most probably a cheap local knockoff of the CBU Cross that’s already proven to have a shabby design, is in the work by Toyota IMC that is already devastated by dwindling sales from feisty competition of new entrants in mini SUV segment.
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Abbas May 06, 2023 07:24pm
Have been hearing this for ages now. They’ll likely follow their age old policy of deceit by re-applying badges and calling it a new generation of vehicle. So most probably a cheap local knockoff of the CBU Cross that’s already proven to have a shabby design, is in the work by Toyota IMC that is already devastated by dwindling sales from feisty competition of new entrants in mini SUV segment.
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Fahad ADIL Ghani May 06, 2023 08:22pm
@Haq, true
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Maqbool May 06, 2023 09:47pm
It's good work
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Adnan May 07, 2023 06:17am
@Haq, what is your solution besides criticism . Pakistani excel in criticism but never in solution
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Zafar May 07, 2023 07:11am
Pakistani needs manufacturing plants of all vehicles companies in the country to lower the prices of vehicles effectively.
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Zafar May 07, 2023 07:14am
PAKISTANI NEEDS manufacturing plants of all vehicles companies in the country to lower prices of vehicles effectively.
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Muhammad Zubair Hashmi May 07, 2023 12:40pm
So far Toyota Japan has not been able to produce an EV except a failed SUV bz2x how cum Indus motor can design, produce and market an EV
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Abbas May 07, 2023 11:26pm
Have been hearing this for ages now. They’ll likely follow their age old policy of deceit by re-applying badges and calling it a new generation of vehicle. So most probably a cheap local knockoff of the CBU Cross that’s already proven to have a shabby design, is in the work by Toyota IMC that is already devastated by dwindling sales from feisty competition of new entrants in mini SUV segment.
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Tajamal May 08, 2023 04:30am
Hi, We need need locally manufactured cars not locally assembled cars , better to shut this plant ,you are just giving us most expensive local assembled cars in Pakistan .
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Haq May 08, 2023 11:59am
In Nov 2019, EV policy was approved (by ministry of environment), it was a fast tracked initiatives for local manufacturing of EVs. Lots of companies / investors (apart from existing auto assemblers), invested in setting-up plants to manufacture cars, SUVs, pick-ups, vans, busses & trucks. Country wide seminars were held, agreements were signed with Chinese cos for JVs, including batteries, charging stations / infrastructure (along highways / motorways).... In Jan 2020 ministry of industries (direct beneficiary of 3 Japanese assemblers) stopped execution & later cancel the policy. EV policy revised 2 times & finally replaces EVs with HEVs (to benefit IMC). It's a repeat of mistake we made in 70s & 80s, when Sind Engineering, Naya Daur, Transmobile, Proficient were abolished...
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Truthisbitter813 May 08, 2023 03:25pm
Locally assembled is just a joke, why don't auto makers establish local manufacturing? Bring in R&D and latest technology. Instead all we get are condemned scrapheaps in the form of locally assembled CKUs.
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Truthisbitter813 May 08, 2023 03:26pm
@Adnan, Establish local manufacturing, import R&D, technology and QC staff from abroad for the first few years and get the ball rolling.
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salman mahmood May 08, 2023 06:40pm
Toyoata should compare the price between imported HEV and local HEV oterwise will face another failure to sell this local HEV.
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