34 firms get licences for making electric vehicles

The Engineering Development Board (EDB) has issued 34 licences to manufacturers of two- and three-wheelers under the Electric Vehicles Policy for 2020-2025, as part of the transition from traditional fuel-powered automobiles to EVs. At the same time, private partners are jumping into EV manufacturing, said Asim Ayaz, a senior EDB official, in a speech during a webinar at the Sustainable Development Policy Institute (SDPI) on “Pakistan’s electric vehicle market: challenges, opportunities, and the 2030 agenda” on Monday. Mr Ayaz said the most pressing issue was the lack of financing for customers as EVs were more expensive than fuel-based vehicles due to the high price of batteries. He said the ministry had proposed that every petrol station have an EV charging station. “The ministry has compared the National EV Policy with Malaysia’s and found that it is good in tariff. But we lack funding streams and financing solutions,” he said.