Chinese EV behemoth BYD is in discussions with Pakistan on potential investment
BYD Co Ltd, a Chinese manufacturer of electric vehicles (EVs), is in discussions to invest in Pakistan’s developing EV industry with both the government and possible local partners.
During a delegation visit this week, the world’s largest electric vehicle manufacturer indicated interest in investigating potential in Pakistan, according to the Board of Investment (BoI), Pakistan’s primary organization responsible for luring foreign investment.
The BoI said on its social media site X on Thursday, “The delegation is currently on an exploratory visit to Pakistan, facilitated by BOI, including crucial meetings with potential local partners.” The noteworthy update follows a meeting between Sohail Rajput, Secretary at BoI, and a delegation from BYD Company China, led by Cai Xiao Xu, head of Dealer Division (South Asia), and Lei Jian, Country Head (Pakistan).
BYD, a Fortune 500 company and a world leader in EV production, according to the BoI, highlighted its presence in four key industries: electronics, new energy, automobiles, and rail transit.
The BoI Secretary praised BYD’s involvement during the discussion and emphasized the importance of EVs in Pakistan. He gave the BYD delegation assurances about Pakistan’s government’s dedication to helping out foreign investors.
As the biggest electric vehicle (EV) producer in the world, BYD is a major contributor to the production of a wide range of vehicles, including buses, lorries, hybrid and battery-electric automobiles, as well as battery-powered bicycles, forklifts, solar panels, and rechargeable batteries.
The Caretaker Minister for Commerce and Industries, Dr. Gohar Ejaz, revealed through his ‘X’ account the previous month that BYD is aggressively looking for business prospects in Pakistan. With full support for their prospective endeavors, the minister briefed the BYD team on government policy and the Special Investment Facilitation Council (SIFC).
With operations in many right-hand-drive (RHD) markets, including India, BYD is quickly becoming a more formidable rival to Tesla and is poised to overtake the latter as the largest EV maker globally. Globally, the Chinese company’s electric vehicles are becoming more and more well-known.
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