IMC announces Rs1.1 billion investment for further localisation of car parts

KARACHI: Indus Motor Company Limited (IMC), the manufacturer of Toyota vehicles in Pakistan, has announced an additional investment of Rs1.1 billion to further localise the production of car parts in the country.

This announcement was made public through a notice to the Pakistan Stock Exchange (PSX) on Monday.

The notice mentioned that this new investment builds on a previous commitment made in February 2024, where the company had pledged Rs3 billion for the localisation of parts and components for its existing vehicles.

The ongoing project from this earlier investment is expected to be completed by the third quarter of 2025.

In a recent meeting held on 30th August 2024, the company’s Board of Directors approved the additional Rs1.1 billion investment. With this new commitment, the total investment aimed at enhancing localization now stands at Rs4.1 billion. The latest phase of the project is expected to be completed by the first quarter of 2026.

According to Business Recorder, IMC highlighted that this increased investment is part of its broader strategy to boost the localization of vehicle parts in Pakistan. By doing so, the company aims to reduce the need for foreign exchange, support the growth of the local automotive industry, create jobs, and contribute to the national economy.

The funds will be used to cover expenses related to plant and machinery, molds, dies, equipment, and other related costs necessary for manufacturing localized parts for various existing vehicles.

Read next: National Refinery faces massive Rs8.27 billion loss as expenses soar