Chinese company to invest $50 million to introduce electric vehicle’s value chain in Pakistan

ISLAMABAD:
Chinese auto manufacturer Skywell Automobile will invest $50 million to launch electric buses in Pakistan this year, Federal Minister for Science and Technology Fawad Chaudhry revealed on Tuesday.

Speaking to a private news channel, the minister said the Chinese firm will start manufacturing of the electric buses in the second phase after investing the aforementioned amount.

The minister said electric buses would hit the road from this year and will operate in Islamabad and Lahore in the beginning.

Last week, a signing ceremony of Strategic Alliance Agreement between Daewoo Pakistan and Skywell Automobile, China, was held in Islamabad.

Under the agreement, Skywell Automobiles China and Daewoo Express Pakistan will collaborate to introduce electric buses and other electric vehicles in Pakistan and create a technical support base in the country.

Explaining the agreement, Fawad said that an electrical vehicle’s value chain will be set up in Pakistan, while the battery bus service is starting soon in Pakistan and when 5G service becomes functional in the country, various sectors will automatically become redundant.

“This will not only going to give a boost to our economy but will also generate massive employment and investment opportunities in the country,” he said.

The introduction of electric vehicles will help in flourishing an eco-friendly system and mitigate the effects of global warming, said the federal minister.