Dr. Gohar Ejaz, the acting minister of commerce, stated on Thursday that BYD Company Limited, a Chinese EV conglomerate, is looking into Pakistan as a potential investment location.
One of the key objectives of the EV drive in Pakistan is pollution management, it is hoped that the programme will contribute to reducing air pollution and slowing climate change.
BYD Co. Ltd. is a publicly traded Chinese manufacturing corporation with its headquarters in Shenzhen, Guangdong, China. BYD Auto and BYD Electronic are the two main subsidiaries of the corporation.
Elon Musk’s Tesla and BYD compete for the top spot in the world’s EV production. Notably, American businessman Warren Buffet owns 3% of the Chinese corporation.
Over the next five years, Pakistan is aiming to have 100,000 electric vehicles, including automobiles, trucks, buses, and other types of transportation. Critics claimed that the plan is ambitious and that it will be years before it begins to pay both financially and environmentally. The target is for 30% of all vehicles to be electrified by 2030. If Tesla decides to grow into Pakistan, the most prosperous EV firm in the world would help the nation’s efforts to clean up the passenger transportation industry.
Tesla has planned to expand to additional nations and establish more production sites globally as it gains ground on some of the biggest petrol vehicle manufacturers in the world. Two of Tesla’s newest production sites are located in Asia and Europe, and the company is actively expanding outside. In order to function as an automaker and sell its renewable energy goods, Tesla has previously established an LLC business licence in India. There are rumours that the business would eventually settle in Israel. Pakistan would now strengthen the automaker’s plans to locate in the Middle East.
Since BYD also produces handset components and photovoltaics, its entire company is more diversified than that of its competitors. Top clients include Dell, Apple, Xiaomi, and Huawei.