Sazgar to Unveil New Energy Vehicles by the End of 2025

Jawad

24 Sep 2024

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Sazgar to Unveil New Energy Vehicles by the End of 2025

Sazgar Engineering Works Limited (SAZEW), a leading automotive manufacturer in Pakistan, is set to transform the country's transportation sector with its plan to introduce New Energy Vehicles (NEVs) by the end of 2025. This strategic initiative is part of a broader global trend towards sustainable and eco-friendly mobility solutions, reflecting the company's commitment to innovation and environmental responsibility.

To support this ambitious plan, Sazgar has developed a robust expansion strategy that involves upgrading its existing infrastructure, investing in renewable energy, and establishing new manufacturing units for local NEV assembly. The total investment for this project is estimated at Rs. 4.5 billion, which will be financed through the company’s internal resources, showcasing Sazgar’s confidence in its growth prospects.

Sazgar's decision to enter the NEV market follows a period of impressive financial performance. The company reported a staggering 697% growth in profits for the fiscal year 2024 (FY24) compared to the previous year. This surge in profitability, combined with the growing automotive sector in Pakistan, creates a conducive environment for the launch of electric vehicles , with other manufacturers like Dewan Farooque Motors and Master Changan Motors also planning to enter this market.

Although Sazgar's share price saw a temporary decline following the announcement of its NEV initiative, the long-term outlook appears positive. The company's entry into the NEV market positions it as a key player in Pakistan's transition to sustainable transportation, reinforcing its role in shaping the future of mobility in the country.

Beyond financial gains, Sazgar's NEV initiative is expected to generate several positive outcomes, including job creation and technological advancements. As Pakistan strives to meet its sustainable development goals, Sazgar Engineering Works Limited is crucial in fostering economic growth while promoting environmentally friendly transportation solutions. The company's dedication to innovation and investment in new energy vehicles reflects its commitment to a sustainable and prosperous future for Pakistan.

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