INP-WealthPk
Pakistani EV sector embracing Chinese investor
May 23, 2020
DEZHOU (China) May 23 (INP) - Pakistan's EV sector is embracing Chinese investor as a group of five local enterprises signed a MoU with China's Songuo Motors on the Songuo-Pakistan e-Trike & BSS Pilot Project earlier this week.
According to Gwadar Pro, the Songuo-Pakistan e-Trike & BSS Pilot Project includes two sections, one of which is swapping system construction as Pakistan infrastructure facility, cooperated with energy storage enterprises, gas & oil company, electric company. While the other section is to export Songuo electric bicycles, electric tricycles and EVs to the project site, and bring the awareness to the public based on established swapping system with the cooperation of E-commerce platform (logistic network for electric logistic vehicle and motorcycle), tricycle manufacturing enterprise etc.
Pakistani companies, included energy storage company BarBox, GFC (General Fan Company), multinational chemical and power DESCON, and E-business platform Cheetay, the second largest tricycle manufacturer Sazgar Engineering, software development company Confiz and Gas & Oil Pakistan, online travel company New Asis and investment agency 47 Ventures.
They will jointly establish a joint venture operating company with Songuo in Pakistan.
The pilot zone mode will be spread across the country after six months of operation to build the largest new-generation new energy enterprise with the best technology and the latest model in Pakistan.
The online signing ceremony of Songuo-Pakistan e-Trike & BSS Pilot Project was held in the New Energy Equipment Industrial Complex of Dezhou (Yucheng) High-tech Zone in the city of Dezhou, China's Shandong Province on Tuesday. Speaking on the occasion, Dr. Naveed Arshad of Lahore University of Management Sciences, also the founding partner of Songuo Systems said that "Pakistan is one of the most vulnerable countries from climate change, and Pakistan direly need EVs to reduce air pollution in its cities".
With swappable battery based electric rickshaws and motorcycles, the cost of vehicle and battery is split into two different businesses, Dr. Naveed said, adding that this will make EVs affordable for the public.
It will also create a new business for oil companies and other companies interested in battery leasing business.
INP/JAVED