On Thursday, Dr. Gohar Ejaz, the Commerce Minister with a caring touch, disclosed that the renowned Chinese electric vehicle giant, BYD Company Limited is actively exploring potential investment avenues within the borders of Pakistan.
“Today’s meeting with BYD, a powerhouse in electric vehicles, was genuinely constructive. They’re actively exploring investment options in Pakistan.
“I explained our government’s rules and the #SIFC project to them. We promised to back their future projects strongly,” he shared in a tweet on X, which used to be called Twitter.
BYD Co. Ltd. is a Chinese conglomerate with a public listing, headquartered in Shenzhen, Guangdong, China. This corporation boasts two significant divisions: BYD Auto and BYD Electronic.
BYD is in fierce competition with Tesla, led by Elon Musk, for the coveted title of being the top global producer of electric vehicles. It’s worth mentioning that the renowned American entrepreneur Warren Buffet has a 3 percent stake in this Chinese company.
The diversity of its business portfolio sets BYD apart from its competitors, as it is not solely focused on electric vehicles.
They also engage in the production of handset components and photovoltaic products. Some of their esteemed clients include industry giants like Dell, Apple, Xiaomi, and Huawei.
Until now, there hasn’t been any concept of electric cars in Pakistan, which has caused people to rely heavily on petrol, and as a result, petrol prices continue to rise.
If this becomes possible, it could significantly boost Pakistan’s economy. Additionally, more companies might enter the market.
For example, Pakistan is set to launch its first fully electric compact SUV in 2025. If China can accomplish this task next year, they might take the lead. Let’s see what the future holds.
The government of Pakistan should work towards introducing the electric vehicle concept as soon as possible and pay attention to the green environment.
While petrol has its benefits, it also has numerous drawbacks, which is why the concept of electric cars is much more favourable, with its advantages outweighing traditional petrol vehicles by a thousandfold.
