ISLAMABAD: ADM Group, a private enterprise, has announced a significant investment of $250 million in Pakistan’s burgeoning electric vehicle (EV) industry.
The announcement was made by ADM Group’s CEO, Yasir Bhambhani, during a meeting with Minister of Industries and Production, Rana Tanveer Hussain, in Islamabad on Thursday.
Bhambhani expressed the company’s enthusiasm for investing in Pakistan’s EV sector, with the goal of offering eco-friendly vehicles to local consumers. The project will be rolled out in two phases: the first phase involves establishing a network of EV charging stations across the country, while the second phase will focus on the manufacturing of electric vehicles. According to Bhambhani, these vehicles will have a range of up to 300 kilometers on a single charge.
During the meeting, Minister Hussain reaffirmed the government’s commitment to facilitating foreign direct investment. He assured ADM Group of the Ministry’s support and emphasized the importance of transitioning to green energy. The minister also highlighted the cost benefits of electric vehicles compared to traditional vehicles, noting the potential for significant fuel savings.
As per details available on the website of the company, ADM Group has also signed a Memorandum of Understanding (MoU) to expand the nation’s EV charging infrastructure, in alignment with the government’s strategy to promote electric vehicles. The group plans to oversee operations, develop sites, and install charging equipment over the next three to five years.
In a recent government initiative, Pakistan adopted a program aimed at encouraging the use of battery-powered vehicles, with a target of making 30% of new cars sold in the country by 2030 environmentally friendly. ADM Group’s investment aligns with this objective, supporting both the policy and the broader goal of reducing the nation’s carbon footprint.
According to the group, ADM is in ongoing discussions with Pakistani officials regarding their $250 million investment to establish an EV assembly and manufacturing plant, as well as a nationwide charging infrastructure. The global electric car market has been growing exponentially, with sales exceeding 10 million in 2022, representing 14% of all new cars sold that year. This trend is expected to continue, with over 2.3 million electric cars sold in the first quarter of 2023 alone, marking a 25% increase from the same period last year.
