Chinese firm to establish EV plant in Pakistan
- By Web Desk -
- Sep 16, 2023
ISLAMABAD: A Chinese electric car manufacturer has announced establishing an electric vehicle (EV) plant in Pakistan and showrooms in major cities of the country, it emerged Saturday.
The announcement was made by a delegation of XinjianJingyi Cheng Group, led by its assistant chairman GU Xongquan, during a meeting with FPCCI Vice President Amin Ullah Baig.
Mr GU said entering the Pakistani market and setting up a manufacturing unit and showrooms was in the interest of the company and part of its long-term business plan.
Mr GU said cars were the main means of transport in Pakistan, while the rising global oil prices have led to a sharp increase in gasoline prices, making it imperative for consumers to switch to new energy markets.
Mr Baig asked the Chinese firm’s delegation to expedited their investment plans which will be mutually beneficial.
Xinjian Jingyi Cheng Group operates in five main industries, namely:
- Electromechanical and hydraulic
- Light power
- Vehicle
- International commerce
- Production and services
Last year in May, the ‘Gauss Auto Group,’ another Chinese corporation, had announced to construct electric vehicle (EV) plant in Pakistan’s special economic zone near Port Qasim in Karachi.
The company would enter into a Joint Venture (JV) with AKD Group Holdings (Pvt.) limited and set up the plant near Port Qasim, Karachi on around 1000 acres of land.
The development comes after a delegation led by Mr. Chen Feng, CEO Gauss Auto Group and CEO AKD Group Holding, Mr. Nasir Rizwan visited the Board of Investment (BOI) and held a detailed meeting with the Federal Minister Board of Investment Chaudhry Salik Hussain and Secretary BOI Ms. Fareena Mazhar.