KARACHI – Toyota Indus Motor Company (IMC) has approved to invest Rs3.3 billion with the aim to increase its annual production capacity to around 76,000 units.
In a notice sent to Pakistan Stock Exchange (PSX) on Tuesday, the secretary of the company said the main purpose of investing this huge sum of money is to increase the production capacity as the demand of cars is still very high.
IMC’s recent move is not much surprising as, for the past many months, it was being reported that the company will invest billions to enhance its production capabilities.
Even the CEO of Toyota Pakistan, Mr. Ali Asghar Jamali, revealed the investment plan of the company in the meeting held by the Competition Commission of Pakistan (CCP) a few months back.
As of now the production capacity of the company is almost 65,000 units, however, as mentioned above it will be increased to 76,000 units.
The company will also import completely built units (CBU) of Toyota Rush from next month as it aims to capture the price segment between its Corolla and Fortuner vehicles amid increasing competition from green- and brown-field beneficiaries.
