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Saturday, February 24, 2024

Toyota to launch its Hybrid vehicle

Toyota Indus Motor Company (IMC) is to launch its first locally assembled Hybrid Electric Vehicle (HEV) in Pakistan this year. 

The company in a recent financial briefing assured that the Hybrid Electric Vehicle (HEV) plant development is in progress with no deviation from the original plan.

Moreover, IMC stated that in the second quarter of Fiscal Year 2023, Toyota posted a profit of Rs1,331 million, which is down by 72% compared to the same period last year. At the same time, the company’s sales went down by 52% in the second quarter of Fiscal Year 2023 against last year. 

Read more: Toyota Motors shuts its power plant in Pakistan

Furthermore, the company stated that the decline is mostly due to import restrictions by the State Bank of Pakistan (SBP). The restriction of importing completely knocked-down (CKD) kits has largely affected the industry. 

Despite all the hurdles, the company claims that the HEV assembly plant is on schedule, and the Corolla Cross is about to launch this year in Pakistan.

 Read more: Toyota resumes production of first EV after fixing safety problems

 According to official sources, the major structural and mechanical developments on the Toyota Corolla Cross Hybrid are complete, and the company is now working on the car’s fit and finish. 

Read more: Toyota to invest $2.5b just to make EV batteries

Additionally, the automaker has started working on the car’s nameplates, badges, and fitments. Likewise, the company is moving full steam ahead and aims to launch the Corolla Cross in H1 2023. 

 Read more: Toyota to launch Altis 1.6L in Pakistan