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23-12-2024
Bureau Report
ISLAMABAD: Chinese enterprise ADM Group has announced an investment of $350 million in Pakistan’s electric vehicle (EV) sector, Pakistani state media reported on Saturday.
As part of the initiative, the Chinese firm will establish more than 3,000 electric vehicle charging stations across the South Asian country, the Radio Pakistan broadcaster reported.
Of these 3,000 charging stations, 1,000 will be set up in Sindh, 1,500 in Punjab, and 750 in Khyber Pakhtunkhwa and Balochistan provinces.
“The ADM Group will allocate $250 million for the establishment of an electric vehicle manufacturing plant in Pakistan,” the report read.
The Chinese enterprise will provide $90 million for developing the necessary charging infrastructure, according to Pakistani state media.
The electric vehicles, which will be capable of traveling up to 300 kilometers on a single charge, are expected to help reduce carbon emissions and lessen the country’s dependence on conventional fuel sources.
Pakistan’s Privatization Minister Abdul Aleem Khan said in November that 30 percent of all vehicles in Pakistan would be converted to electric power by 2030 as the South Asian country takes step to combat air pollution and other climate change effects.
“Pakistan aims to convert 30 percent of its vehicles to electric by 2030,” Khan said as he addressed the “Transport and Digital Middle Corridor and Beyond” session at the UN COP29 summit in Baku.
“Significant steps are underway to support the widespread adoption of electric vehicles in Pakistan … the government is actively working on infrastructure development for EVs, including the installation of charging stations.”
Hybrid electric vehicle sales have more than doubled in Pakistan in the past year. BYD Pakistan, a partnership between China’s BYD and Pakistani car group Mega Motors, said in September up to 50 percent of all vehicles bought in Pakistan by 2030 will be electrified in some form in line with global targets.
Warren Buffett-backed Chinese electric vehicle giant BYD announced its entry into Pakistan in August, making the nation of 250 million people one of its newest markets.
Pakistani media reported in August that standards for EV charging stations had been drafted by the power ministry, with the government considering offering them affordable electricity.
Under the government’s New Energy Vehicle (NEV) policy announced last month, the government has introduced subsidies of Rs50,000 for electric motorcycles and Rs200,000 for three-wheelers like rickshaws, with a total allocation of Rs4 billion. These subsidies will be distributed through auctions. So far, two companies have been granted licenses, and 31 more applications are under review.
Additional initiatives include offering free electric bikes or scooters to high-achieving students and reducing duties on EV components to encourage local manufacturing. The government is also set to establish a New Energy Fund and a New Energy Vehicle Center to support these measures.
Chinese enterprise ADM Group has announced an investment of $350 million in Pakistan’s electric vehicle (EV) sector, Pakistani state media reported on Saturday.
As part of the initiative, the Chinese firm will establish more than 3,000 electric vehicle charging stations across the South Asian country, the Radio Pakistan broadcaster reported.
