BYD, world’s leading electric vehicle manufacturer, announces entry into Pakistan

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ISLAMABAD – BYD, the world’s leading electric vehicle manufacturer, has joined hands with Pakistan’s Sapphire group for market development and manufacturing of electric vehicles in the country.

This was announced by Federal Ministry for Energy Hammad Azha on Twitter, calling it the outcome of the Electric Vehicle (EV) Policy announced by the federal government last year.

“As a consequence of EV policy announcement by fed govt, Pak is moving towards electrification of mass transit. BYD, the largest global electric bus manufacturer along with Sapphire group have joined hands to develop market development & manufacturing of electric vehicles in Pak,” tweed the minister.

Founded in 1995 as a pioneer in battery technology, BYD’s North America’s headquarters is located in Downtown Los Angeles, with a 450,000-square-foot bus manufacturing facility in Lancaster, California.

BYD [Builid Your Dreams] has been the world’s largest electric vehicle manufacturer for the past three years running, in both consumer and commercial/industrial electric vehicles.

Last year BYD sold more than 113,000 plug-in electric vehicles worldwide and currently has nearly 40,000 electric buses in service around the world. BYD employs over 20,000 engineers globally, constantly innovating in order to make the world a better place, read the official website.

Last year in December, the Federal Cabinet announced the Electric Vehicle (EV) policy for four-wheelers, outlining several new rules related to import and export of vehicles, taxation, registration, and customs duty, among others.

Salient features of the Electric Vehicle Policy

As per the new policy, the following rules will apply to all electric-run four-wheelers in Pakistan.

  • Removal of additional customs duty and Additional Sales Tax (AST) on the import of EV cars;
  • Only 1% tax on the import of EV parts for manufacturers;
  • Registration and annual renewal fee waiver for EVs in the ICT sector;
  • 1% sales tax for locally made EVs up to 50kwh and light commercial vehicles up to 150 kwh;
  • Duty on import of charging equipment capped at 1%;
  • Federal Excise Duty (FED) already does not apply to EVs; and
  • Duty-free import of plant and machinery for manufacturing of EVs.

Read more: https://pakobserver.net/new-electric-vehicle-policy-to-encourage-made-in-pakistan-tagline-amin/