LAHORE: Corolla Pakistan has achieved another milestone as the carmaker has become the largest auto seller in the Asia Pacific region and 5th in the world after China, United States of America, Brazil and Thailand.
An Indus Motor Company (IMC) official, while talking to media, said that the journey to self-reliant Pakistan started in 1989 with 500 employees and a paid up capital of Rs1.3 billion. The first locally manufactured Corolla was introduced in March 1993.
“In early years, demand remained flat at around 50,000 cars per year. Post 2003, demand grew rapidly, spurred by auto finance availability but the demand collapsed in 2008 due to political uncertainty and financial crisis,” he added.
The official said, “We are producing around 200 cars a day while 1,400 parts are supplied every day (100 plus truck loads supply) and there are 1,000 plus transactions. Out of 50 countries, Pakistan ranks in top 30s globally by motor vehicle production,’ told the official.
Toyota ranks among top most valued brand globally with estimated brand equity of $32 billion, said the official, adding that automotive industry accounts for 5% of total employment in US; 8.5% in Japan and 7.2% in South Korea.