Facing reduced sales and a surge in imported used cars, Indus Motor Company (IMC) will export 50 locally assembled units of Toyota Revo, Fortuner, and Toyota Corolla Cross to Scandinavian countries.
Furthermore, IMC is planning to send a workforce to Japan. CEO Ali Asghar Jamali announced that the initial shipment of vehicles is scheduled for July 25.
Jamali projected foreign exchange earnings of $1.5 million from this shipment. Due to high tariffs in the export destinations, these units are priced 15-20 percent above the cost.
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Moreover, IMC has sent about 150 workers to Japan, who are expected to generate earnings between $2 and $2.5 million. “We are targeting 100 more workers in the next 10 months which would double the earning,” he added.
Jamali stated that assemblers of various Japanese and Chinese vehicles are likely to face losses. He added that the industry has urged the government to support local industries by negotiating free trade agreements (FTAs) with potential countries, particularly in Africa, in consultation with industry stakeholders
According to him, Toyota Motor Corporation, Japan, has commended the efficiency and performance of Pakistani workers, ranking them the best among Asia Pacific countries.
