Dewan Farooque Motors Limited (DFML) has successfully assembled and delivered more than 100 units of its electric vehicle model, Honri-VE, under a toll manufacturing agreement with its associated company, Eco-Green Motors Limited.
In a disclosure submitted to the Pakistan Stock Exchange (PSX) on December 5, 2024, DFML highlighted this milestone as part of its efforts to resume and stabilize manufacturing operations after a period of dormancy. The company expressed gratitude to its stakeholders for their continued trust and confidence, particularly after the restart of production activities.
This development marks a significant step forward for DFML as it positions itself within the growing electric vehicle market in Pakistan. The deliveries are part of a broader strategy by Eco-Green Motors to meet the increasing demand for environmentally friendly transportation solutions.
The Honri-VE comes in two variants, offering ranges of 200km and 300km per charge, priced at Rs3.99 million and Rs4.99 million respectively.
According to DFML Director and Company Secretary Muhammad Hanif German, the Honri-VE offers features comparable to popular Japanese brands like Suzuki Wagon R, positioning it as a competitive option in the market.
Following the announcement, DFML’s share price surged by 5.17% on the PSX, reaching Rs 42.74, with a turnover of 8.2 million shares. The company attributes its progress to rising demand for EVs and improved affordability due to recent reductions in the central bank’s policy rate.
The surge in auto financing, which grew by 3.7% month-on-month in October, further signals a recovery in Pakistan’s automotive sector.
