Toyota said on Thursday its group-wide global sales fell 11.3% to 9.528 million vehicles in 2020.
Automakers have suffered as coronavirus lockdowns have stopped people from visiting car showrooms and forced manufacturing plants to reduce or halt production.
Foxconn, whose official name is Hon Hai Precision Industry Co Ltd and is best known as a major supplier to Apple Inc , said in October it aimed to provide components or services to 10% of the world's EVs by 2025-2027.
The report comes weeks after Reuters reported that Apple was moving forward with self-driving car technology and was aiming to produce a passenger vehicle that could include its own breakthrough battery technology as early as 2024.
International Electric Vehicle (EV) manufacturers including MG Motors already setting up facilities in Pakistan, according to Fawad Chaudhry, the Federal Minister for Science and Technology.
However, the Economic Coordination Committee (ECC) has approved the Electric Vehicle Policy which will end the monopoly of car manufacturers in the country, he mentioned.
“VIVO [Chinese smartphone manufacturer] is purchasing land to establish a mobile manufacturing plant in Pakistan, whereas Samsung [South Korea technology giant] is actively drawing its feasibility but has yet to reach a conclusion, but we are optimistic,” said Azhar.
He said EVs can also help improve urban air quality, reduce noise pollution, and significantly reduce the health costs associated with pollution in urban areas.
With the electric buses project for Islamabad reaching EOI level, Fawad Chaudhary announced that a plan to launch an electric train from Islamabad Airport to Murree is in the works.
Omar Ayub said that by 2023 Pakistan will generate 75-80pc of its electricity from its local sources including nuclear, hydro, and coal power, which will reduce the electricity tariffs for the end customers.
The opening of a charging station in Islamabad will help encourage electric vehicles as future transportation in the country, says Babar.
The deal comes on the heels of electric car maker Tesla's meteoric rise in valuation and the recent public offering of Nikola Corp. Both Tesla and Nikola are planning electric pickups to rival Rivian.
The new round takes total investment in Rivian to at least $6 billion, including a $1.3 billion round in December led by T. Rowe Price.