Pakistan will host an electric vehicle factory built by a Chinese company

ISLAMABAD: A Chinese electric vehicle (EV) manufacturing business has announced plans to open a factory and chain of showrooms in Pakistan’s major cities.
This announcement was made on Thursday during a meeting with FPCCI Vice President Amin Ullah Baig by a delegation from the XinjianJingyi Cheng Group, led by its assistant chairman GU Xongquan.
The delegation from the Chinese company and Mr. Baig, who is also the chairman of the FPCCI Capital Office, had a long conversation about Pakistan’s investment climate.
According to Mr. GU, the company’s entry into the Pakistani market and the construction of a manufacturing facility and showrooms were necessary for the company’s long-term business strategy.
The five industries represented by the XinjianJingyi Cheng Group include electromechanical and hydraulic, light power, vehicles, international trade, production, and service.
According to Mr. GU, automobiles are the primary mode of transportation in Pakistan, and as a result of the dramatic rise in petrol costs brought on by the rising price of crude oil globally, customers must immediately move to alternative energy sources.
He added that XinjianJingyi Cheng Group focuses the creation and development of automobiles with current technology and resource integration. “In the long run, electric cars save much more fuel cost than petrol-run vehicles,” he said.
Bankers claimed that despite this, limits on imports still exist because banks are now required to open letters of credit only after securing funding. For FY24, the government has budgeted $6 billion CAD.