Indus Motor Company to roll out hybrid electric vehicle despite challenges

KARACHI: Indus Motor Company (IMC) has reaffirmed its $100 million plan to roll out a locally assembled hybrid electric vehicle (HEV) despite an unfavourable economic situation, announced Chief Executive Ali Asghar Jamali on Wednesday. Addressing a presser at a local hotel, he said Toyota Cross will be unveiled early next year. He said hybrid technology will also result in the reduction of imports as 30,000 HEVs will save around $37 million per annum. It would help achieve macroeconomic goals, employment generation, export boost and import reduction as well. HEVs would reduce carbon dioxide emissions in fossil fuel-reliant countries like Pakistan and India, which have 62pc and 75pc share of fossil fuel in their energy mix, respectively. “We have also not retrenched any staff out of 4,000-employee workforce despite an extremely challenging business environment like weak demand, 58pc drop in sales from January-June, high-interest rates, deteriorating macros and rapid price escalation,” he claimed.