BYD, a Chinese electric vehicle (EV) manufacturer that competes with Tesla, is exploring investing in Pakistan’s young EV market and is in discussions with the government and prospective local partners.
The world’s largest EV manufacturer indicated interest in investigating potential in Pakistan during a visit by a delegation this week, according to the Board of Investment (BoI), Pakistan’s the authority organization for seeking foreign investment.
“The delegation is currently on an exploratory visit to Pakistan, facilitated by the BOI, including crucial meetings with potential local partners,” the BoI stated on its social media site X, formerly Twitter, on Thursday.
Following a meeting between a delegation from BYD Company China, led by Cai Xiao Xu, Head of the Dealer Division (South Asia), and Lei Jian, Country Head (Pakistan), with BoI Secretary Sohail Rajput, a significant update has been announced.
BYD, a Fortune 500 entity and a global leader in electric vehicle (EV) manufacturing, highlighted its presence in key industries such as automobile, rail transit, new energy, and electronics.
During the meeting, the BoI Secretary welcomed BYD’s interest, underlining the importance of EVs in Pakistan. He assured the BYD delegation of the Government of Pakistan’s commitment to facilitating foreign investors.
BYD, known for its diverse range of vehicles, including battery electric and hybrid cars, buses, trucks, as well as battery-powered bicycles, forklifts, solar panels, and rechargeable batteries, is actively exploring investment opportunities in Pakistan.
Caretaker Minister for Commerce & Industries Dr Gohar Ejaz previously revealed BYD’s active consideration of investment opportunities in Pakistan. The minister briefed the BYD delegation on government policies and the Special Investment Facilitation Council (SIFC), expressing full support for potential ventures.
With operations in India and various right-hand-drive (RHD) markets, BYD is positioning itself as a formidable competitor to Tesla and is poised to become the world’s largest EV manufacturer, surpassing its American counterpart. BYD’s EVs have been gaining widespread popularity globally.
