Millat Tractors: Pakistan's largest tractor maker mulls EV bike production

Millat Tractors Limited, Pakistan’s largest tractor manufacturer, said it is currently assessing the feasibility of electric bike production in the country.

The listed company disclosed the development in a notice to the Pakistan Stock Exchange (PSX) on Thursday.

“In response to recent market speculation regarding entry into the electric motorcycle segment, Millat Tractors Limited clarifies that one of its group companies is currently evaluating the feasibility of EV bike production in Pakistan,” read the notice.

However, the matter remains at a preliminary stage, it added.

The development comes as demand for EV bikes continues to surge in Pakistan as petrol prices soar.

Bike dealers and experts told Business Recorder that around 40,000 units, including 90% of EV scooters and 10% of EV bikes, were sold only in April in the country, while demand was way stronger.

Meanwhile, the government last week further increased the prices of petroleum products, raising petrol by Rs6.51 per litre and high-speed diesel by Rs19.39 per litre.

The price of petrol (motor spirit) was set at Rs399.86 per litre, up from Rs393.35. The price of high-speed diesel was increased to Rs399.58 per litre from Rs380.19

Millat Tractors Limited is a public limited company incorporated in Pakistan in 1964. MTL is engaged in the manufacturing and sale of internationally acclaimed tractors, diesel generating sets, prime movers, diesel engines and forklift trucks.

MTL is also involved in the sale, implementation and support of Industrial and Financial System (IFS) applications locally and abroad. As of June 30, 2024, the company has an annual capacity of 30,000 tractors per annum on a double-shift basis.