A Chinese electric vehicle (EV) company announced the establishment of an EV plant in Pakistan, as well as showrooms in key cities, on Saturday.
A team from Xinjian Jingyi Cheng Group, led by assistant chairman GU Xongquan, made the news at a meeting with FPCCI Vice President Amin Ullah Baig.
Mr GU stated that joining the Pakistani market and establishing a manufacturing plant and showrooms was in the company’s best interests and part of its long-term business plan.
Mr GU stated that vehicles were the primary mode of transportation in Pakistan and that rising global oil prices had resulted in a dramatic increase in petrol prices, forcing customers to migrate to alternative energy markets.
Mr Baig requested that the Chinese firm’s representatives accelerate its mutually beneficial investment plans.
The Xinjian Jingyi Cheng Group is active in five major industries:
- Electromechanical and hydraulic
- Light power
- Vehicle
- International commerce
- Production and services
Another Chinese business, the ‘Gauss Auto Group,’ said last May that it would build an electric vehicle (EV) plant in Pakistan’s special economic zone near Port Qasim in Karachi.
The company would form a joint venture (JV) with AKD Group Holdings (Pvt.) limited to build the factory on roughly 1000 acres of land near Port Qasim in Karachi.
The news comes after a delegation led by Mr Chen Feng, CEO of Gauss Auto Group and CEO of AKD Group Holding, Mr Nasir Rizwan, paid a visit to the Board of Investment (BOI) and met with Federal Minister of Investment Chaudhry Salik Hussain and Secretary of the BOI Ms Fareena Mazhar.
