ISLAMABAD: Indus Motor Company (IMC) Chief Operating Officer (COO) Ali Jamali has claimed that IMC was the fourth highest Corolla seller in the world after USA, China and Brazil.

Talking to Business Recorder, he said that up till 2002, Pakistan's auto industry remained flat, with demand averaging at 50,000 units per annum. However, from 2002, auto industry picked up pace mainly due to stable government, economic prosperity, availability of auto financing and the introduction of the auto industry policy. The auto industry peaked at almost 250,000 units. Then a period of decline was witnessed, marred by political uncertainty, higher inflation unavailability of auto financing and economic down turn.

According to Jamali who is promoted to CEO from January 1, 2017 said that 2012 onwards, economy started shaping up and presently, and the country was heading the right direction with a new auto policy, availability of financing and robust economic performance.

"If the present optimism persists, we foresee the market touching 350,000 units of demand by 2025, and if new entrants step in the demand may go up to 500,000 units per annum," he added.

He also claimed that Toyota was a leading auto manufacturer of Pakistan, being number one in terms of sales revenue and second in terms of production volumes and market share, and again number one in terms of contribution to GoP revenues and trading of parts and accessories. IMC was present across the country, through its dealership network and our suppliers that provide us with parts for manufacturing quality vehicles in Pakistan.

"Pakistan is a Toyota loving nation, with a market share of 28 percent in the new car market, however, if we were to include used cars as well, Toyota's share would be 41 percent, that makes Toyota the leading brand of Pakistan," he said.

Answering to another question, he said that out of the used cars imported in Pakistan, 60 percent were Toyota. Also, 6 times, Pakistan has been the highest Corolla selling nation in Asia Pacific region. M/s Toyota has launched the New Hilux and Fortuner Vehicles.

"Our localization has facilitated technology transfer to Pakistan from world renowned vendors and parts manufacturers. More than 27 technical assistance and technology transfer agreements have been made with local vendors to develop their capacity and capability to manufacture high quality parts in Pakistan," he maintained.

Over the years, the local content of Toyota vehicles has grown considerably, from mere 20 percent local cost component in the first car to line off from IMC, to more that 60 percent local cost component presently in Toyota Corolla.

With continuous localization, IMC not only saves valuable foreign exchange for the country but is also able to offer our vehicles at much competitive prices. It is interesting to note that our cars, adjusted for dollar appreciation, cost less today than they did back in 1993, Jamali maintained.- MUSHTAQ GHUMMAN