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Site update: April 09 2024, at 16:45 PKST
Stock update: April 09 2024.

Recent Financial News in the 'auto-assembler' category

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Tuesday, April 09 2024

34 firms get licences for making electric vehicles
The Engineering Development Board (EDB) has issued 34 licences to manufacturers of two- and three-wheelers under the Electric Vehicles Policy for 2020-2025, as part of the transition from traditional fuel-powered automobiles to EVs. At the same time, private partners are jumping into EV manufacturing, said Asim Ayaz, a senior EDB official, in a speech during a webinar at the Sustainable Development Policy Institute (SDPI) on “Pakistan’s electric vehicle market: challenges, opportunities, and the 2030 agenda” on Monday. Mr Ayaz said the most pressing issue was the lack of financing for customers as EVs were more expensive than fuel-based vehicles due to the high price of batteries. He said the ministry had proposed that every petrol station have an EV charging station. “The ministry has compared the National EV Policy with Malaysia’s and found that it is good in tariff. But we lack funding streams and financing solutions,” he said.
Related news categories: auto-assembler business economic-indicators

Wednesday, April 03 2024

MTL barred from selling tractors to third party
The Ministry of Industries and Production has directed Millat Tractors Ltd (MTL) to sell 954 tractors to farmers as per the contract and not supply these vehicles to any third party. The ministry has written to MTL after the Sindh High Court’s order regarding its contractual obligation to sell these tractors to the original buyer. The SHC has issued an order relating to the supply of tractors to farmers at the agreed price of Rs1.25 million per unit including 5 per cent sales tax. However, the MTL raised the price by Rs148,400 and stopped supplying to the buyers who had made the bookings. The court order noted that despite full payment by 1,001 buyers, only 47 tractors were delivered. As a result, the aggrieved farmers approached the court.
Related news categories: auto-assembler business economic-indicators psx stock-exchanges
Related symbols: mtl (news stock)

Tuesday, March 26 2024

Govt urged to protect auto industry
Secretary General of the Pakistan Automotive Manufacturers Association (PAMA), Abdul Waheed Khan has urged the government to support the local auto industry amid rising concerns over a significant increase in used car imports, which are negatively impacting the struggling automobile sector. According to import data, the influx of used vehicles has soared to 25,098 units, marking a staggering 641% increase during the first eight months of the current fiscal year compared to around 3,386 units imported in the same period last year. The majority of these imported vehicles fall into categories such as SUVs, eco-pickups, minivans, and others. In February 2024 alone, 3,213 used vehicles were imported, compared to 396 units during the same period last year.
Related news categories: auto-assembler business economic-indicators

Monday, March 25 2024

The potential of Chinese EVs
A major shift in the global electric vehicles (EV) market is underway, led by cheaper Chinese electric cars equipped with smart tech features. China already accounts for nearly 60 per cent of the global EV market share, and Bloomberg projects world sales to surge 21pc to 16.7 million units in 2024 — one out of every five cars sold globally last year was an EV. Chinese automakers have not only developed surplus capacity in the country but are also building factories in other countries to tap the huge market growth potential. BYD Auto Co, which specialises in plug-in hybrids and fully electric vehicles, sold three million units last year, leaving Tesla far behind to become the world’s largest EV manufacturer. Its mainland Chinese manufacturing facilities can make 4m units a year.
Related news categories: auto-assembler business economic-indicators helpline: +92-42-3631-4186 (10:30am to 5:30pm)