ISLAMABAD – The Ministry of Industries and Production has issued licenses to 31 companies for manufacturing of electric vehicles as the South Asian country is making efforts to reduce effects of climate change by switching to electric vehicles.
Officials at the Engineering Development Board of the ministry said that as many as six companies are currently manufacturing of assembling the electric two-wheelers in the country.
The federal government approved the ‘Electric Vehicle Policy 2020-25,’ in 2019 that offers incentives and tax exemptions in order to attract investment in local manufacturing of electric vehicles. Pakistan aims at increasing the sale of new electric motorcycles and three-wheelers to 50 percent by 2030 and 90pc by 2040.
Studies show motorcycles create more air pollution than cars in Pakistan as there are over 240 million registers motorbikes in the country.
The officials said the incentives being offered under the electric vehicle policy would yield positive results as expansion of this industry would not only reduces greenhouse gas emissions but also create jobs.
Earlier this year, Zyp Technologies, a burgeoning force in the electric mobility sector, announced raising $1.2M seed capital investment led by Indus Valley Capital.
With this key investment, Zyp is driving mass-market adoption of electric mobility in Pakistan by addressing three key hurdles to adoption: 1. High upfront cost, 2. Range anxiety, and 3. Long charging times.
Zyp achieved this through its indigenously developed product portfolio that includes purpose-built electric motorcycles, innovative battery swap stations, proprietary and patent pending battery architecture, cloud software, and mobile apps.
With climate change and rising fuel prices in Pakistan, the urgency to electrify transportation has never been greater. Zyp's solutions enable motorcycle fleet operators to save up to 70% on fuel costs and eliminate air-polluting emissions, making their operations environmentally sustainable and profitable.
Aatif Awan, founding partner at Indus Valley Capital, said: “With its vision to electrify the 25 million motorbikes in Pakistan, Zyp is building one of the most important products Pakistan needs to help solve the trade imbalance and high inflation. Zyp team has meticulously designed their electric motorbikes and battery swapping to perform well in the local environment, creating a remarkable indigenous solution we’re proud to back.”
Pakistani rupee advanced its winning momentum against US dollar, and other currencies in the open market amid strong economic cues.
On Saturday, the US dollar was being quoted at 285.15 for buying and 287.95 for selling.
Euro moves down to 309.9 for buying and 310.5 for selling. British Pound rate stands at 359.4 for buying, and 360.05 for selling.
UAE Dirham AED also moved down to 77.45 whereas the Saudi Riyal drops to 75.82.
|UK Pound Sterling||GBP||359.4||360.05|
|Hong Kong Dollar||HKD||36.38||36.48|
|New Zealand Dollar||NZD||173.44||175.44|
The price of gold fell by thousands of rupees as precious metal lost shine despite an upward trend in the international market.
On Saturday, the price of a single tola of 24-karat gold stands at Rs217,300 and 10 grams of 24k gold costs Rs186,300.
Meanwhile, single tola of 22 Karat gold costs Rs199,190, 21 karat rate costs Rs190,138 and 18k gold rate is Rs162,975.
Globally, gold prices hover at around $2072, gaining $32 on Saturday.
|Lahore||PKR 217,300||PKR 2,705|
|Karachi||PKR 217,300||PKR 2,705|
|Islamabad||PKR 217,300||PKR 2,705|
|Peshawar||PKR 217,300||PKR 2,705|
|Quetta||PKR 217,300||PKR 2,705|
|Sialkot||PKR 217,300||PKR 2,705|
|Attock||PKR 217,300||PKR 2,705|
|Gujranwala||PKR 217,300||PKR 2,705|
|Jehlum||PKR 217,300||PKR 2,705|
|Multan||PKR 217,300||PKR 2,705|
|Bahawalpur||PKR 217,300||PKR 2,705|
|Gujrat||PKR 217,300||PKR 2,705|
|Nawabshah||PKR 217,300||PKR 2,705|
|Chakwal||PKR 217,300||PKR 2,705|
|Hyderabad||PKR 217,300||PKR 2,705|
|Nowshehra||PKR 217,300||PKR 2,705|
|Sargodha||PKR 217,300||PKR 2,705|
|Faisalabad||PKR 217,300||PKR 2,705|
|Mirpur||PKR 217,300||PKR 2,705|