Sazgar Engineering Works Limited (SAZEW), a Pakistani auto manufacturer, announced on Monday its plans to introduce New Energy Vehicles (NEVs) in Pakistan. The company aims to launch CKD (Completely Knocked Down) models by December 31, 2025, as per a notice to the Pakistan Stock Exchange (PSX).
The Board of Directors (BoD) approved an expansion plan, which includes upgrading the paint shop, constructing new warehousing facilities, installing a 4-megawatt solar system, and building new manufacturing units for local NEV assembly, pending regulatory approvals.
NEVs, powered by alternative energy sources rather than traditional fossil fuels, include hybrid electric vehicles (HEVs), fuel cell electric vehicles (FCEVs), and battery electric vehicles (BEVs).
Sazgar, which also manufactures automobiles, three-wheelers, and household appliances, estimated the expansion cost at Rs4.5 billion, excluding land, to be financed through internal resources.
The company’s financial results revealed a significant profit increase to Rs7.94 billion in FY24, a 697% rise from Rs995 million in FY23. The BoD also proposed a final cash dividend of Rs12 per share, adding to the interim dividend of Rs8 per share. Despite strong financials, Sazgar’s share price dropped by Rs45.88, closing at Rs973.75.
Last week, Dewan Farooque Motors Limited (DFML) informed its stakeholders that it had officially started producing electric vehicles (EVs) at its assembly plant, following approval from the Engineering Development Board (EDB).
In a separate development last month, Chinese electric vehicle giant BYD announced its entry into Pakistan, marking the South Asian country of nearly 250 million as one of its latest markets.
Meanwhile, Master Changan Motors Limited also introduced its EV brand in Pakistan, unveiling the Deepal L07 sedan and Deepal S07 SUV during an event in Karachi.
Additionally, the government has stated that Pakistan’s first locally produced four-wheeled electric vehicle is expected to be launched by December.
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