Chinese auto giant BYD explores strategic investment in Pakistan’s electric vehicle sector
Chinese automotive conglomerate BYD, a major player in the global electric vehicles (EVs) market, is currently engaged in discussions with Pakistani authorities regarding the potential of the country’s EV sector.
With its operations in India and various right-hand-driven (RHD) markets, BYD is emerging as a formidable competitor to Tesla and is on track to surpass the latter as the world’s largest Electric Vehicles manufacturer. The Chinese company’s EVs have been gaining widespread popularity globally.
The Board of Investment (BoI), the country’s premier investment facilitation body, revealed this development on Thursday. This significant update comes in the aftermath of a meeting between a delegation from BYD Company China, led by Cai Xiao Xu, Head of Dealer Division (South Asia), and Lei Jian, Country Head (Pakistan), with Sohail Rajput, Secretary at BoI.
In a statement posted on ‘X,’ formerly Twitter, BYD, recognized as a Fortune 500 entity and a global leader in EV manufacturing, emphasized its presence in four major industries: automobile, rail transit, new energy, and electronics.
The ongoing visit of the BYD delegation to Pakistan is part of an exploratory effort facilitated by the BoI, involving critical meetings with potential local partners to explore EV sector potential.
During the meeting, the Secretary of BoI welcomed BYD’s interest, emphasizing the significance of EVs in Pakistan. He assured the BYD delegation of the Government of Pakistan’s commitment to facilitating foreign investors.
BYD, holding the title of the world’s largest EV manufacturer, is a key player in the production of various vehicles, including battery electric and hybrid cars, buses, and trucks, as well as battery-powered bicycles, forklifts, solar panels, and rechargeable batteries.
In the preceding month, Dr. Gohar Ejaz, the Caretaker Minister for Commerce & Industries, disclosed through his ‘X’ account that BYD is actively considering investment opportunities in this South Asian state. Ejaz informed the BYD delegation about the government’s policy and the Special Investment Facilitation Council (SIFC), expressing full support for their potential ventures.
The SIFC stands as a council under the Prime Minister with the support of the country’s powerful military. Its primary objective is to entice foreign investments and stimulate the nation’s economic growth.
