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Business & Finance Print edition: 2023-12-27

Corolla Cross hybrid vehicle: ‘IMC sets very high bar for competitors to match price, technology’

Published December 27, 2023 Updated December 27, 2023 10:39am
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By Muhammad Ali
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KARACHI: The entry of the local Toyota Corolla Cross hybrid electric vehicle (HEV) into Pakistan’s SUV market is posing a formidable challenge to competing brands. The Indus Motor Company (IMC) has leveraged its first-mover advantage and market leadership to maximum effect.

Equipped with a fuel-efficient 1.8L hybrid power train, the technology-laden Corolla Cross is priced between PKR 9.3-9.8 million - firmly within the sweet spot for the newly created SUV segment. The vehicle offers premium features like a 9-inch touch screen, 7 airbags, blind-spot monitoring, and Toyota’s latest safety aids.

Auto industry analyst Mashood Ali Khan said, IMC has set a very high bar for competitors to match in terms of price and technology.

Mashood says Toyota’s competitors must overhaul localisation plans to produce affordable hybrid models that can rival the Corolla Cross. The IMC already dominates Pakistan’s SUV landscape with the Fortuner and Revo, commanding a 45% segment share approximately.

Mashood Khan further said that localisation is the prime need of the hour to maintain affordable price to consumers and face the competition. OEMs, focusing strongly to localise more and more parts and sub components, will thrive to achieve sustainability in the market. With this aim and objectives, it is also possible to have access to foreign markets on competitive prices for exporting the products, he said.

Some analysts said Toyota could have priced the Corolla Cross even lower considering hybrid incentives under the new auto policy and 50% localisation. Import taxes on ICE vehicles are up to 50% versus under 20% for hybrids. However, the IMC has leveraged its first-mover advantage to maintain healthy margins.

Nonetheless, market watchers hope the entry of the Corolla Cross will trigger wider adoption of fuel-efficient hybrids in Pakistan. More options and stiffer competition should translate to more features and value for the customers.

Copyright Business Recorder, 2023

Read Also
SUV IMC Hybrid Electric Vehicle Toyota Corolla Toyota Corolla Cross

Comments

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ahmad faraz Dec 27, 2023 09:58am
yeah toyota is consolidating its global position by strengthening its hybrid production worldwide and Pakistan is also benefitting from it
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Haq Dec 27, 2023 10:14am
Locally assembled Haval H6 & Hyundai Santa Fe Hybrids were launched earlier, both have ample inner space, SUV styled, robustly designed & apparently safer than Corolla Cross (Thai made components)
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Truthisbitter813 Dec 27, 2023 11:22am
Over 10 million with own, and this is great value? smh
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Mustafa Dec 27, 2023 12:17pm
@Haq, sad part is that you guys don't read real information.. Toyota invested 10 billion rupees to setup the plant for hybrid vehicles. Where as Hyundai, Haval, Kia, MG are simply tightening bolts and causing big time tax damage to economy of Pakistan ... (Importing at very low duties and making money)
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Ch K A Nye Dec 27, 2023 12:35pm
@Mustafa , You really believe that BS that IMC is spewing out? 50% local components?? What's the caveat?? "After deducting duties and taxes". Get real Bro and stop believing in spin.
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Muhammad Nalemitho Dec 27, 2023 12:45pm
Good vehicle
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Haq Dec 27, 2023 12:53pm
@Mustafa , back in Nov 2019 EV policy was devised (by ministry of environment), with fast track implementation with 3 to 4 months, later ministry of industry jumped in & revised / re-revised EV policy 3 times, finally to please the most influential of so called japanese assembler, IMC succeeded in permanently altering policy from EVs to Hybrids... immediately announced $100M investment for hybrids assembly (imported kits from Thailand), cheaper / low quality / unsafe Corolla Cross (fake SUV & only Front Wheel Drive), which is very different (specs, quality) from AWD Corolla launched in Japan
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Hasan Dec 27, 2023 04:45pm
Isn't it overpriced?does it really worth spending that much on a locally assembled cross not even SUV? Am uncertain so thought to seek feedback.
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Dr fahad Dec 27, 2023 06:16pm
@Haq, they are imported .IMC have invested 100 million dollar in Pakistan for hybrid cars
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Dr fahad Dec 27, 2023 06:18pm
@Haq, Imran Khan friend Afridi have milked this policy by importing 10000 plus cars . Everyone is corrupt
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KhanRA Dec 28, 2023 03:01am
@Ch K A Nye , even if it is not 50%, the fact that any component is locally sourced is a good thing. You have to start from somewhere. They don’t source more because Pakistani companies cannot make required components yet. But over time we can - as has happened in very other country (Thailand wasn’t a major player until this millennium because they were where we are now).
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Muhammad bilal ahmed.awan Bilal awan Dec 28, 2023 02:26pm
Haval jolion is best then cross and santa fee
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Sayyam Hussain Dec 28, 2023 04:53pm
Basic details such as, local parts, imported ? CBU? Type of batteries, life span, is good for our weather? DoD of batteries? Electrolyte type used in battery? Life of vehicle in kms, years, maintenance costs? Availability of spares,at cheap or compitative price? A student and researcher at Hybrid and E.V, automobile last +4 decades....
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Ch K A Nye Dec 29, 2023 05:43pm
@KhanRA, we've been listening to the BS from the assemblers for decades about deletion policy and local content. They have lied and bribed their way to keep on importing the majority of each unit and to top it alk, the CFR value of the CKD units are not much different from a CBU car with ALL the extras.
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Dr Rao Dec 31, 2023 09:18am
Despite claim this hybrid suv is no where near to its competitors channeled regarding features quality tire size, torque fuel efficiency, Toyota mainly focuses capturing market without improving quality and squeezing money on low quality built cars, we know as we compare all available 1.5 suvs available in our market this Toyota crossover is no where near them
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Farrukh Jan 03, 2024 04:58pm
All motor companies should be advised by the Government to make economical fuel efficient medium local assembled cars for the benefit of General Public not SUV of 10 million n above.
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