As the South Asian nation works to lessen the consequences of climate change by converting to electric vehicles, the Ministry of Industries and Production has granted licences to 31 businesses for the production of electric vehicles.
According to representatives of the Engineering Development Board of the ministry, up to six enterprises are now producing and putting the electric two-wheelers together in the nation.
In order to encourage investment in local electric car manufacture, the federal government approved the “Electric Vehicle Policy 2020-25” in 2019. This policy provides incentives and tax exemptions. By 2030 and 2040, Pakistan wants to sell 50% and 90% more new electric motorcycles and three-wheelers, respectively.
The incentives being provided under the electric car policy, according to the officials, would produce favourable outcomes as the growth of this industry would not only reduce greenhouse gas emissions but also create jobs.
Zyp Technologies, a growing player in the electric mobility market, reported earlier this year that it had secured a $1.2M seed capital investment led by Indus Valley Capital.
There has never been a more pressing need to electrify transport in Pakistan due to climate change and rising fuel costs. With Zyp’s solutions, motorbike fleet owners may reduce fuel expenses by up to 70% and do away with air pollution emissions, making their business ecologically friendly and successful.
