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Sazgar Engineering Works Limited will roll out Pakistan’s first hybrid electric vehicle (HEV) under the Haval brand name on November 17, the company said in a notice to the Pakistan Stock Exchange (PSX) on Wednesday..

“We are pleased to inform you that the company has successfully assembled/ manufactured locally the first Hybrid Electric Vehicle (HEV) of Pakistan and is being launched under brand Haval as of November 17,” read the notice.

Earlier in August, Sazgar said in a notice it had completed the trial operations of Haval vehicles well before the stipulated time. “The first CKD rollout of these vehicles is expected within this month,” the company had said then.

In June, Sazgar successfully completed facilities for the manufacturing of Haval vehicles.

Sazgar, the largest rickshaw-maker in Pakistan, received the government's green-field status to manufacture Haval SUVs last year.

In the auto development policy (ADP-2016-21), the government offered tax incentives to car manufacturers to invest in the sector and receive tax and duty incentives.

The policy attracted a number of automakers including KIA, Hyundai, MG Motors, Proton, Changan, DFSK and others. The aim of the policy was to break dominance of the few automakers in the country, while increasing consumer-choice.

The policy paved way for new car assemblers to enter Pakistan’s auto fray, and most of them have chosen to cater to the high price-tag SUV segment.

Sazgar has also brought another Chinese carmaker, BAIC, to Pakistan, which introduced its D20 vehicle, X25 crossover, and the BJ40-Plus off-roader SUV in the country.

At the time of this report, Sazgar's share price had gained over 7% and was at Rs61.45, an increase of Rs4.28, on Wednesday.

Comments

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fakhar abbas Nov 16, 2022 06:50pm
Excellent.
thumb_up Recommended (0)
SAMIR SARDANA Nov 16, 2022 10:25pm
Y HAS IT TAKEN SO LONG ? LIMITED OPTIONS FOR BUYERS,MEANS ASSURED MARKET LONG WAITING TIME,MEANS BUYERS WILL PAY A PREMIUM,AND THERE WILL BE A GREY MARKET,AND TRADING, IN CONFIRMED BOOKINGS CUSTOMERS WILL PAY ADVANCE,SO CKD UNIT, NEEDS NO WORKING CAPITAL CUSTOMER WILL USE SALARY SLIP, TO GET BANK LOANS,SO CUSTOMER IS ALSO HAPPY BUSINESS CUSTOMER, WILL CLAIM ACCELERATED DEPRECIATION, ON EV GOP WILL GET FULL IMPORT DUTY, ON CKD SALES WITH UPFRONT PAYMENT FROM CUSTOMERS - CKD COMPANY CAN PAY ADVANCE,TO CKD SUPPLIER - SO NO LC TENSION IT IS A WIN-WIN-WIN-WIN-WIN ! dindooohindoo
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Rebirth Nov 16, 2022 11:57pm
There are rumours of a Rickshaw buy-back program doing rounds on social media. These posts suggest that the new government has put aside $1 billion for it. If you own a rickshaw, the government will swap keys with you and replace it with these HEVs for free. The auto manufacturers are said to get an order of 1,000,000 cars right as soon as they begin producing these vehicles. That would essentially remove almost all rickshaws in the country, thereby helping introduce a complete ban on that traffic menace, once and for all. And it’ll be useful for the environment too. The contract to produce 1 million HEVs through this buy-back program is said to entice multiple car manufacturers to set up shop in the country because one manufacturer alone can’t produce as many cars. They can barely do a few thousand a year. Why aren’t other vehicle manufacturers taking advantage of this offer? If true, why aren't the ministries for industries, commerce, finance and environment going public with this?
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Az_Iz Nov 17, 2022 05:19am
Very good news.
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Shoaib Malik Nov 18, 2022 12:05pm
Great SUV n great achievement
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