Company says it has successfully assembled first Hybrid Electric Vehicle (HEV) of Pakistan.
Sazgar to launch Pakistan’s first locally-assembled hybrid electric vehicle. Sazgar Engineering Works Limited will roll out Pakistan’s first hybrid electric vehicle (HEV) under the Haval brand name on November 17, the company said in a notice to the Pakistan Stock Exchange (PSX) on Wednesday.Sazgar to launch Pakistan’s first locally-assembled hybrid electric vehicleSazgar Engineering Works Limited will roll out Pakistan’s first hybrid electric vehicle (HEV) under the Haval brand name on November 17, the company said in a notice to the Pakistan Stock Exchange (PSX) on Wednesday.
“We are pleased to inform you that the company has successfully assembled/ manufactured locally the first Hybrid Electric Vehicle (HEV) of Pakistan and is being launched under brand Haval as of November 17,” read the notice.
Earlier in August, Sazgar said in a notice it had completed the trial operations of Haval vehicles well before the stipulated time. “The first CKD rollout of these vehicles is expected within this month,” the company had said then.
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In June, Sazgar successfully completed facilities for the manufacturing of Haval vehicles.
Sazgar, the largest rickshaw-maker in Pakistan, received the government’s green-field status to manufacture Haval SUVs last year.
In the auto development policy (ADP-2016-21), the government offered tax incentives to car manufacturers to invest in the sector and receive tax and duty incentives.
The policy attracted a number of automakers including KIA, Hyundai, MG Motors, Proton, Changan, DFSK and others. The aim of the policy was to break dominance of the few automakers in the country, while increasing consumer-choice.
The policy paved way for new car assemblers to enter Pakistan’s auto fray, and most of them have chosen to cater to the high price-tag SUV segment.
Sazgar has also brought another Chinese carmaker, BAIC, to Pakistan, which introduced its D20 vehicle, X25 crossover, and the BJ40-Plus off-roader SUV in the country.
At the time of this report, Sazgar’s share price had gained over 7% and was at Rs61.45, an increase of Rs4.28, on Wednesday.
