Sazgar Engineering Works Limited (SAZEW), a Pakistani automobile manufacturer, has announced plans to introduce New Energy Vehicles (NEVs) in the local market. The company aims to roll out the Completely Knocked Down (CKD) models of these vehicles by December 31, 2025, according to a notice submitted to the Pakistan Stock Exchange (PSX) on Monday.
The company’s Board of Directors has approved an expansion project, which includes enhancing the current paint shop, building new warehouses, installing a 4-megawatt solar system, and setting up new facilities for the local assembly of NEVs. These plans are subject to the approval of government regulatory bodies.
NEVs are vehicles powered by alternative energy sources, such as hybrid electric vehicles (HEVs), fuel cell electric vehicles (FCEVs), and battery electric vehicles (BEVs), rather than traditional internal combustion engines (ICE) that use gasoline or diesel.
Read More: Who is Lt Gen Asim Malik, the new DG ISI?
Sazgar, which produces automobiles, three-wheelers, and household electric appliances, has allocated Rs4.5 billion for the expansion, excluding land costs. This investment will be funded from the company’s internal cash resources.
In its financial update, Sazgar reported a significant rise in profits, reaching Rs7.94 billion in FY24, a 697% increase from Rs995 million in FY23. The company also declared a final cash dividend of Rs12 per share.
However, despite the strong financial performance, Sazgar’s stock price fell by Rs45.88, closing at Rs973.75 on Monday.
The announcement comes amid rising interest in electric vehicles (EVs) in Pakistan’s auto sector, with several companies, including BYD and Dewan Farooque Motors, also entering the market recently.
%20has%20announced%20plans%20to%20introduce%20New%20Energy%20Vehicles%20(NEVs)%20in%20the%20local%20market.){kind=link}