Is the World Auto Giant Coming to Pakistan?

Is the World Auto Giant Coming to Pakistan?

“Toyota, the world auto giant, for the first time signed an agreement on November 7, 2019. It will develop Electric Vehicles with BYD, the world’s largest electric vehicle manufacturer, with 44 plants around the globe. Employing 250,000 personals, with a turnover of $250 billion. So, the scenario will definitely change in Pakistan as well, with the Japanese companies roll out their models by 2024,” Shaukat Qureshi 

World’s Largest Electric Vehicle Manufacturer is all set to come to Pakistan. BYD, the Chinese multinational company has a turnover of $250. The Auto world giant will develop Electric Vehicles. Pakistan Electric Vehicles & Parts Manufacturers and Traders Association (PEVPMTA) General Secretary Shaukat Qureshi announced the development while talking to local media.

More so, he said Japenese automaker companies like Suzuki, Toyota, and Honda dominate the Pakistan auto sector. However, these companies has not come up with a comprehensive response towards EV and its technology. Mr. Shaukat added:

“After the approval of the electric vehicle policy, new EV players are waiting for the government to issue Statutory Regulatory Orders (SROs) so that the process of introducing these vehicles could begin in the country. BYD’s entry in the local market would change the entire transportation to EV,” 

Impact of EV Policy 2019:

Earlier this month, Pakistan developed its first Electric vehicle Policy 2019. It is anticipated to convert 30 percent of vehicles on electricity by 2030. The country developed the policy in response to its climate change problems.

‘The country is facing challenges related to climate change and electric vehicles will be an effective weapon, especially in places like Lahore where the problem of smog is posing a major environmental threat,” the adviser said. “The conversion to EV would save the country around $2 billion annually in oil import bill, apart from providing cheap transportation means.”

Malik Amin Aslam Adviser to Prime Minister on climate change has said that electric vehicles will initially reduce import bill by $2 billion/annum. He said that the EV 2019 policy is the best in the region. It would provide cheap mode of transportation, a reduction in carbon emission and a decreased import bill. He further said:

“On Saturday we will be meeting with the prime minister and get his approval for an incentive package for the EV policy that will soon be implemented. We are expediting the process so that you can start setting up industries that will be the future of Pakistan,”

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