The car assembler informed the major exchange on Thursday that the Board of Directors of Indus Motor Company Limited (PSX: INDU) has approved an investment of about Rs. 3 billion for increased localization of parts and components of various existing cars.
The stock filing stated that this was a part of the company’s broader objective to gradually enhance the localization of parts and components of locally built automobiles in order to decrease the outflow of foreign exchange and support the local auto industry.
It added, “The announced investment shall be made towards expenditure in plant and machinery, molds, dies, equipment and related expenses for localization of parts and components to be manufactured locally for various existing vehicles.
The investment is planned to be completed by the third quarter of calendar year 2025”.
In addition to assembling, manufacturing, and marketing Toyota automobiles, the corporation serves as the exclusive distributor of Toyota and holds a licence for the aforementioned activities in Pakistan.
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