ISLAMABAD: Pak-China Huazi Green Energy Pvt Ltd. expects to produce its first Electric Vehicle (EV) later this year. During a recent Board of Directors meeting, the company set policy targets for local EV production in 2023. Khalid Mehmood, CEO of Huazi Green Energy Pvt Ltd. and Alfalah EV Motors, told Gwadar Pro that the establishment of a joint venture between Pakistan’s Alfalah EV Motors and China’s Jiangsu Huazi Auto Industry Co. Ltd. will take place in two phases.
“We will be able to produce two and four door Electric Vehicles during the first phase, and SUVs and mini trucks will be introduced during the second phase. The company’s monthly production capacity is expected to be 1500 units, which will include 300 2-door models, 1000 4-door models, and 200 pickup trucks.”
“It’s a tripod agreement, Alfalah EV Motors (Pvt) Ltd. will have 49% of shares while China’s Jiangsu Auto Industry Co. Ltd and Hong Rong Xing Co, Ltd. China holds 51% of shares. Jiangsu Auto Industry Co. Ltd will share technology, while the latter will invest. The businesses have already been registered in Pakistan,” he added.
The CEO of Alfalah EV Motors emphasized that the $5 million Pakistan-China joint venture will complete 100% technology transfer within two to five years.
“Under the agreement, currently, we are trying to lay out a 3S dealership network within 15 cities. Around 150 laborers are working on the CKD production project, including people from technical and quality control management, direct and auxiliary production personnel, engineers, and helpers.” he further added.
With an area of 10-acre, Pak- China Huazi Green Energy Pvt Ltd is located in Hattar Special Economic Zone, 50 km from the capital. According to the company, many foreign companies, especially Turkish companies, are showing interest in the project to have an agreement for its exports. –Agencies
