ISLAMABAD: Gauss Auto has announced to establish an Electric Vehicle (EV) plant in Pakistan’s Special Economic Zone.
The plan is to enter into a joint venture (JV) with AKD Group Holdings (Pvt) Limited and set up the plant near Port Qasim, Karachi on around 1,000 acres of land.
Gauss Auto is an enterprise focusing on the innovation and development of automobiles and the integration of resources. It is registered in Silicon Valley, California, and operates in Shanghai, China.
A delegation led by Chen Feng, CEO Gauss Auto Group and CEO AKD Group Holding, Nasir Rizwan visited the BoI on Thursday and held a detailed meeting with Federal Minister BoI Chaudhry Salik Hussain and Secretary BoI Fareena Mazhar. The delegation also highlighted their intention to export their locally-produced EVs from Pakistan to other countries.
The organization delivered a comprehensive presentation of their production plant and apprised BoI leadership on the variants of the vehicles they are already producing.
The secretary BoI briefed the delegation about Pakistan’s recently launched Electric Vehicle policy which offers benefits to both; existing and new manufacturers.
The delegation was also informed about Pakistan’s liberal investment regime, which treats foreign and local investors equally and where all economic sectors are open to Foreign Direct Investment (FDI) except a few specified restricted industries like arms and ammunition, explosives, radio-active substances, currency etc.
The BoI leadership encouraged Gauss Auto Group to invest in auto sector of Pakistan and extended maximum support and facilitation to the company. In order to cater to their technical queries about government’s EV Policy and to subsequently materialize their manufacturing plant on AKD Holding’s land in Karachi, the BoI has scheduled a meeting with CEO Engineering Development Board on May 20.
The AKD Group is a major force in Pakistan’s real estate market with extensive interests in numerous residential and commercial real estate projects all across the country. The Group has beneficial ownership in Karim Centre, situated in Saddar, Karachi. Among other projects, AKD Group has also ventured into the development and construction of Creek View & Creek Terraces opposite Golf Club Karachi. AKD Capital was one of the 1st two companies to have been awarded Real Estate Investment Trust (REITs) license.
Gauss Auto's partner is the British CCA company that provided engines for the First World War 120 years ago. RML, German EDAG, Italian IDG and other well-known vehicle styling design, engineering development and manufacturing companies, as well as engineers, designers and marketing experts in the field of new energy vehicles from Audi, Ford, Tesla and the US Department of Energy. It is committed to creating a “global new energy vehicle industry ecosystem” oriented by global users and becoming a global leader in new energy smart vehicles.
Copyright Business Recorder, 2022