Despite COVID-19, automakers produced 215,776 vehicles, jeeps, SUVs, and LCVs in 2021, according to Raza Abbas Shah, CEO of the Engineering Development Board (EDB), who spoke earlier today to Minister of Industries and Production Makhdoom Syed Murtaza Mahmud.
CEO EDB said that the automotive sector is progressing because of the incentives granted in the Automotive Development Policy (ADP) 2016-21 and Automotive Industry Development and Export Policy (AIDEP) 2021-26, during a briefing session on the industry earlier today.
He also stated that if operations continue at their current rate, the company would achieve its annual production target of up to 300,000 units this year.
The latest edition of the Automotive Development Policy (ADP) 2016-21, according to EDB’s CEO, encouraged the entrance of seven new automakers into the local market.
Pakistan has achieved up to 92 percent localization in tractor manufacture, 95 percent localization in bike production, and up to 55 percent localization in automobile production, according to him. He further stated that the EDB has granted 8 licenses to EV-based Original Equipment Manufacturers (OEMs) in Pakistan to manufacture 2-wheelers and 3-wheelers.
The new strategy, according to the Minister, is critical in ensuring the automobile industry’s growth and development. He also told the EDB that it needed to step up its efforts to solve the On-Money issue.
