{"id":7619,"date":"2024-09-04T05:16:45","date_gmt":"2024-09-04T05:16:45","guid":{"rendered":"https:\/\/gsrra.com\/?p=7619"},"modified":"2024-09-04T05:16:46","modified_gmt":"2024-09-04T05:16:46","slug":"indus-motor-to-invest-another-rs1-1bn-for-additional-localization","status":"publish","type":"post","link":"https:\/\/gsrra.com\/?p=7619","title":{"rendered":"Indus Motor to invest another Rs1.1bn \u2018for additional localization\u2019"},"content":{"rendered":"\n

Indus Motor Company Limited (INDU) announced that its board has approved an additional investment of Rs1.1 billion (~$3.94 million) to enhance what it called localization of production.<\/strong><\/p>\n\n\n\n

The company, the maker of Toyota-brand vehicles in the country, shared the development in its notice to the Pakistan Stock Exchange (PSX) on Monday.<\/p>\n\n\n\n

\u201cThis is in continuation to our letter dated February 22, 2024, addressed to PSX regarding the \u2018Investment of Rs3 billion\u00a0for additional localization of parts and components of various existing vehicles,\u2019 which is ongoing and expected to be completed by the third quarter of the calendar year 2025,\u201d read the notice.<\/p>\n\n\n\n

The company announced that the Board of Directors in its meeting held on 30th August 2024, \u201chas approved a further Investment of Rs1.1 billion to be made by the company for additional localization of parts and components of various existing vehicles, thereby making the total investment in project for additional localization to Rs4.1 billion\u201d.<\/p>\n\n\n\n

The additional investment of Rs1.1 billion is planned to be completed by the first quarter of the calendar year, 2026, it shared.<\/p>\n\n\n\n

Indus Motor said the latest investment is part of the company\u2019s overall plan to continuously increase the localization of parts and components of vehicles manufactured locally, in order to reduce the outflow of foreign exchange and promote the local auto industry, generating employment and contributing to the economy.<\/p>\n\n\n\n

\u201cThe 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,\u201d read the notice.<\/p>\n\n\n\n

Last year, the company launched its Hybrid Electric Vehicle (HEV) Corolla Cross<\/a>, which as per the company was 50% localised in terms of its value.<\/p>\n\n\n\n

Back then, Indus Motor CEO Ali Asghar Jamali said after deducting government taxes, over 50% of Corolla Cross’s value comes from localized parts, which makes it unique among other assembled hybrids in the country.<\/p>\n\n\n\n

Pakistan\u2019s auto sector has been under pressure with the country\u2019s slowing economic growth, spiking inflation, and high costs of borrowing denting sales of vehicles.<\/p>\n\n\n\n

Analysts say it hasn\u2019t helped that the sector \u2013 heavily reliant on imports \u2013 has moved to increase prices in tandem with the dollar\u2019s appreciation with many calling for higher localization to counter the dependency.<\/p>\n\n\n\n

Reference Link:- https:\/\/www.brecorder.com\/news\/40320400<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Indus Motor Company Limited (INDU) announced that its board has approved an additional investment of Rs1.1 billion (~$3.94 million) to enhance what it called localization of production. The company, the maker of Toyota-brand vehicles in the country, shared the development in its notice to the Pakistan Stock Exchange (PSX) on Monday. \u201cThis is in continuation […]<\/p>\n","protected":false},"author":1,"featured_media":7620,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[2],"tags":[3256,132,3255,105,3253,3252,36,1784,3254],"class_list":["post-7619","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-sample-category","tag-auto-industry-3","tag-economy","tag-expansion-of-indus-motors","tag-geopolitics-2","tag-indus-motors","tag-industry","tag-pakistan","tag-technology-2","tag-toyota-pakistan"],"jetpack_publicize_connections":[],"_links":{"self":[{"href":"https:\/\/gsrra.com\/index.php?rest_route=\/wp\/v2\/posts\/7619","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/gsrra.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gsrra.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gsrra.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/gsrra.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7619"}],"version-history":[{"count":1,"href":"https:\/\/gsrra.com\/index.php?rest_route=\/wp\/v2\/posts\/7619\/revisions"}],"predecessor-version":[{"id":7621,"href":"https:\/\/gsrra.com\/index.php?rest_route=\/wp\/v2\/posts\/7619\/revisions\/7621"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/gsrra.com\/index.php?rest_route=\/wp\/v2\/media\/7620"}],"wp:attachment":[{"href":"https:\/\/gsrra.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7619"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gsrra.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7619"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gsrra.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7619"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}