Despite COVID-19, automakers assembled 215,776 cars, jeeps, SUVs, and LCVs in 2021, CEO of Engineering Development Board (EDB) Raza Abbas Shah told the Minister of Industries and Production Makhdoom Syed Murtaza Mahmud earlier today.
During a briefing session on the automobile industry earlier today, CEO EDB claimed that the automotive industry is making strides due to the incentives offered in Automotive Development Policy (ADP) 2016-21 and Automotive Industry Development and Export Policy (AIDEP) 2021-26.
He added that, at the current pace of operations, it will achieve its annual production target of up to 300,000 units this year.
CEO EDB apprised the minister that the new version of Automotive Development Policy (ADP) 2016-21 incentivized the entrance of 7 new automakers into the local market.
He highlighted that Pakistan has achieved up to 92 percent localization in tractor production, 95 percent localization in motorbike production, and up to 55 percent localization in car production. He added that EDB has issued 8 licenses to EV-based Original Equipment Manufacturers (OEMs) to produce 2-wheelers and 3-wheelers in Pakistan.
The Minister noted that the new policy is crucial in ensuring the growth and development of the automotive industry. He directed the EDB to speed up its efforts to address the On-Money issue as well.
Also Read: Fatima Fertilizer elevates Rabel Sadozai as the first female Marketing Director within the agriculture sector