Islamabad August 16 2024: ADM Group Chief Executive Officer (CEO) Yasir Bhambhani on Thursday said that the ADM Group was keen to invest an amount of USD 250 million in Pakistan for the manufacturing of electric vehicles to provide ecological-friendly automobiles to local consumers.
In a meeting with Federal Minister for Industries and Production Rana Tanveer Hussain, he said the first phase of the project charging network station would be established, followed by the manufacturing of electric vehicles in the second phase. He said the electric vehicles will have a range of 300 kilometres on a single charge.
The minister said the government is ready to facilitate direct foreign investment in the country, and the Ministry of Industries and Production is committed to collaborating closely with all relevant stakeholders to ensure a smooth process. He emphasized the importance of focusing on green energy, adding that electric vehicles have become a reality.
Rana Tanveer highlighted the benefits of electric vehicles, including their lower cost compared to traditional vehicles and fuel savings.
During a presentation to the Minister for Industries, the company announced that ADM Group, founded in 1980, is leading the development of Pakistan’s first domestically produced electric vehicles (EVs). This initiative aims to combine global resources and cutting-edge manufacturing technologies to produce affordable and environmentally friendly vehicles tailored to the Pakistani market. The project includes a diverse range of vehicles, from cost-effective hatchbacks to luxury sedans and commercial vans, all utilizing EV technology.
To support this effort, ADM plans to establish a manufacturing facility with an annual capacity of 72,000 units, along with an assembly plant and a nationwide network of charging stations across major highways and 64 cities. With a total investment of USD 340 million, the project also aims to export EVs to markets in the Middle East and Asia, potentially generating USD 900 million in annual revenue.
