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Over 30 companies get licenses for manufacturing electric motorbikes in Pakistan 

04:38 PM | 5 Oct, 2023
Over 30 companies get licenses for manufacturing electric motorbikes in Pakistan 
Source: File Photo

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.”

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Pakistani rupee inches up against US dollar, Euro, Pound and other currencies - Check forex rates here

Pakistani rupee advanced its winning momentum against US dollar, and other currencies in the open market amid strong economic cues.

Dollar Rate in Pakistan Today

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.

Today's currency exchange rates in Pakistan – 2 December 2023

Currency Symbol Buying Selling
US Dollar ‎USD 285.15  287.95 
Euro EUR 309.9  310.5 
UK Pound Sterling GBP 359.4  360.05 
U.A.E Dirham AED 77.45  77.6
Saudi Riyal SAR 75.82 75.97
Australian Dollar AUD 187.72 188.22
Bahrain Dinar BHD 759.94 767.94
Canadian Dollar CAD 209.99 210.49
China Yuan CNY 39.78 39.88
Danish Krone DKK 41.95 42.05
Hong Kong Dollar HKD 36.38 36.48
Indian Rupee INR 3.39 3.5
Japanese Yen JPY 1.49 1.56
Kuwaiti Dinar KWD 926.39 935.39
Malaysian Ringgit MYR 60.38 60.98
New Zealand Dollar NZD 173.44 175.44
Norwegians Krone NOK 26.25 26.55
Omani Riyal OMR 742.16 750.18
Qatari Riyal ‎QAR 78.5 79.2
Singapore Dollar SGD 212.45 212.95
Swedish Korona SEK 27.09 27.19
Swiss Franc CHF 325.38 325.88
Thai Bhat THB 8.05 8.09

Gold registers big fall in Pakistan; check today gold rates in Pakatan - 2 December 2023

The price of gold fell by thousands of rupees as precious metal lost shine despite an upward trend in the international market.

Gold Rates in Pakistan Today - 2 December 2023

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.

Today Gold Rate in Pakistan

City Gold Silver
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

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