KARACHI: Given that Sazgar Engineering Works Ltd. (SEWL) intends to release the fully knocked down (CKD) model before December 31, 2025, the race to produce new energy vehicles (NEVs) has heated up.
In a stock filing on Monday, SEWL stated that the plan had been approved by the board of directors. Subject to the approval of relevant government regulatory authorities, the plan calls for the construction of new manufacturing facilities for the local assembly of NEVs, as well as the expansion of the current paint shop and the installation of a 4-megawatt solar system.
The board also approved an estimated Rs4.5 billion in expansion costs, exclusive of land, to be paid for with cash from internal sources.
From Rs 995m in FY23 to Rs 7.94bn in FY24, SEWL’s earnings increased by 697pc. From Rs18bn to Rs57.6bn, net sales increased.
In addition to the interim dividend that has already been paid at Rs. 8 per share, the board proposed a final cash dividend of Rs. 12 per share.
In addition to Sazgar, Dewan Farooque Motors Ltd. (DFML) announced last week that, following approval from the Engineering Development Board (EDB), it has begun producing electric vehicles at its assembly factory.
Leader in electric vehicles in China, BYD, has recently declared intentions to explore Pakistan as a potential EV testing ground. Additionally, Master Changan Motors Ltd. introduced the Deepal L07 sedan and Deepal S07 SUV in Karachi. These electric vehicles are currently offered at the company’s 18 dealership locations in 12 cities.
