Sazgar Engineering Works Limited (SAZEW) has announced plans to introduce New Energy Vehicles (NEVs) in Pakistan. The company aims to launch these electric vehicles, in Completely Knocked Down (CKD) form, by December 31, 2025.
The announcement was made through a notice to the Pakistan Stock Exchange (PSX) on Monday.
The company’s Board of Directors approved an expansion project that includes upgrading its paint shop, building new warehouses, installing a 4-megawatt solar power system, and establishing new assembly lines for NEVs. However, the plan is still awaiting approval from government authorities.
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NEVs, which include hybrid, fuel cell, and battery-powered vehicles, are an alternative to traditional vehicles that run on petrol or diesel.
Sazgar, known for producing cars, three-wheelers, and electric appliances, has allocated Rs4.5 billion for this expansion, excluding land costs. The funding will come from the company’s internal reserves.
In its recent financial report, Sazgar announced a profit of Rs7.94 billion for FY24, a remarkable 697% increase from Rs995 million the previous year. The company also declared a final cash dividend of Rs12 per share.
Despite the positive financial results, the company’s stock dropped by Rs45.88, closing at Rs973.75 on Monday.
