Pakistan’s s first hybrid car is about to launch very soon. Sazgar Engineering Works Limited is set to launch Pakistan’s first hybrid electric vehicle. On November 17, the company confirmed the news to Pakistan’s Stock Exchange (PSX) about the launch of Haval, the first hybrid car.
We are delighted to announce that the company has successfully manufactured/assembled locally the first hybrid electric vehicle in Pakistan, said Sazgar.
Previously, in August, Sazgar notified that they had completed the first phase of trial operations of Haval vehicles. However, the first CKD rollout is expected within the current month.
According to the company, they have completed facilities for manufacturing Haval vehicles. Sazgar group is the largest Rickshaw-maker in Pakistan. Last year, the company received the government’s green-field status to manufacture Haval SUVs.
According to the latest Pakistan Automotive Manufacturers Association, the Pakistani parent Sazgar is among the three largest rickshaw manufacturers by sale. (PAMA). According to the Sazgar group, Haval will surely beat other vehicles such as Toyota and Honda.
According to the company, we are not taking parts of the rickshaw to the HEV. We have an entirely different engineering team, but the senior management for the rickshaw and HEV are the same.
According to the approved auto development policy ADP (2016-21), the government offered tax incentives to car manufacturers to invest in the sector to produce advanced and modern vehicles. Moreover, the approved policy attracted many automakers, including Hyundai, MG motors, KIA, Changan, Proton, DFSK, and many others.
Besides, the objective behind the policy was to increase consumer choice while reducing the monopoly of a few automakers in the country. The four-wheel sector currently accounts for 54%of Sazgar’s revenue. The HEV will help build brand equity for the rest of its portfolio.
However, the government’s initiative to establish advanced vehicles in the country has opened the doors for new automakers. This will help the new automakers to compete in Pakistan’s auto market. As we know, Pakistan is full of talented people; only the lack of resources and government support makes it difficult to achieve something innovative. After the government’s consent, the new automakers have decided on the high-end SUV segment.
On the other hand, Sazgar has always supported the automobile sector. Sazgar has brought another Chinese carmaker BAIC, to Pakistan. BAIC introduced many vehicles in the country, such as the D20, the X25 crossover, and the BJ40-Plus-off-roader SUV.
Currently, Sazgar’s share price has increased by 7%. Previously it was at Rs 61.45, with an increase of Rs 4.28 on Wednesday.