Sazgar Engineering Works Limited (SAZEW) marked a significant milestone as it obtained the inaugural license for electric rickshaw manufacturing during a special event hosted by the Punjab Transport Department in Lahore. The ceremony, attended by Caretaker Punjab Chief Minister Mohsin Naqvi, showcased the government’s commitment to embracing all-electric vehicles in Pakistan’s future.
Chief Minister Naqvi expressed optimism about the potential dominance of electric vehicles, highlighting a positive shift toward sustainability. However, he also acknowledged challenges faced by the transport department, citing the implementation of axle load restrictions and ongoing reforms in driving license procedures.
In contrast to this positive development, SAZEW reported a substantial decline in auto rickshaw sales. December 2023 saw only 275 units sold, marking a significant 64.42% month-on-month decrease compared to the 773 units sold in the previous month, as per the company’s filing on the Pakistan Stock Exchange (PSX).
Despite the decline in sales, SAZEW demonstrated growth in production. The company manufactured 1,004 auto rickshaws in December, surpassing the 848 units produced in November. However, four-wheel off-road and passenger vehicles faced a notable drop in sales, plummeting from 269 units in November to 29 units in December.
On the production front, SAZEW experienced robust growth in the manufacture of four-wheel off-road and passenger vehicles, with a 23.98% month-on-month increase, reaching 424 units in December 2023.
Notably, amidst the challenges, SAZEW achieved positive developments as its Board of Directors approved the acquisition of land valued at approximately Rs847 million. This land, adjacent to the four-wheeler project, covers nearly 110 kanals, with the final value contingent on the actual measurement of the land.
SAZEW’s journey reflects a complex landscape where the company navigates fluctuations in sales, embraces electric vehicle manufacturing, and strategically invests in expanding its infrastructure for future growth.
