More Than 30 Companies Granted Licenses for Electric Motorbike Manufacturing in Pakistan:
Pakistan is making significant strides in promoting electric vehicles (EVs) to address the impact of climate change. The Ministry of Industries and Production has granted licenses to 31 businesses for the production of electric vehicles. Currently, six enterprises are actively producing and assembling electric two-wheelers in the country.
To encourage investment in local electric vehicle manufacturing, the federal government had approved the “Electric Vehicle Policy 2020-25” in 2019. The policy offers incentives and tax exemptions. Pakistan aims to sell 50% more new electric motorcycles and 90% more three-wheelers by 2030 and 2040, respectively.
The incentives provided under the electric vehicle policy are expect to yield positive outcomes by not only reducing greenhouse gas emissions but also creating job opportunities. The shift to electric mobility is becoming more crucial in Pakistan, driven by concerns about climate change and the rising costs of traditional fuel.
Zyp Technologies, a key player in the electric mobility market in Pakistan, secured a $1.2 million seed capital investment earlier this year, signaling growing interest and support for the electric vehicle sector in the country.