Govt grants SAZEW first license for electric rickshaw manufacturing

Sazgar Engineering Works Limited ( SAZEW) received the first license for electric rickshaw manufacturing at a special event hosted by the Punjab Transport Department in Lahore on Tuesday.

Caretaker Punjab Chief Minister Mohsin Naqvi, present at the ceremony, expressed optimism about a future dominated by all-electric vehicles in Pakistan. 

On this occasion, Mohsin Naqvi acknowledged the hurdles faced by the transport department, including the implementation of axle load restrictions and reforms in driving license procedures.

On the other hand, SAZEW reported a notable decline in Auto Rickshaw sales, registering only 275 units sold in December 2023. This figure reflects a 64.42% month-on-month decrease compared to the 773 units sold in the previous month, according to the company’s filing on the Pakistan Stock Exchange (PSX).

In terms of production, SAZEW manufactured 1,004 units of Auto Rickshaws in December, surpassing the 848 units produced in November.

However, the company faced a significant drop in the sales of four-wheel off-road and passenger vehicles, amounting to 29 units in December compared to the 269 units sold in the previous month.

On the production front, the company experienced robust growth, with the manufacture of four-wheel off-road and passenger vehicles increasing by 23.98% month-on-month to reach 424 units in December 2023.

Notably, despite facing a decline in sales, SAZEW recently achieved positive developments. The Board of Directors approved the acquisition of land valued at approximately Rs847 million adjacent to the four-wheeler project, covering nearly 110 kanals. The final value is contingent on the actual measurement of the land.