Competition in the electric vehicles (EVs) sector is heating up as Sazgar Engineering Works Ltd (SEWL) announces plans to introduce a completely knocked down (CKD) model of electric vehicles before December 31, 2025. In a stock filing made, SEWL revealed that its board of directors has approved a comprehensive plan aimed at enhancing production capabilities and expanding its manufacturing footprint to cater to the growing demand for electric vehicles.
As part of this ambitious initiative, SEWL will expand its existing paint shop and construct new warehousing facilities. The company also plans to install a solar power system with a capacity of 4 megawatts, which will support operations and promote sustainable energy use. Moreover, the plan includes the establishment of new manufacturing facilities dedicated to the local assembly of electric vehicles, pending approval from the relevant government regulatory authorities.
The board has estimated the total expansion cost at approximately Rs 4.5 billion, excluding land expenses. This significant investment will be financed through the company’s internal cash resources, reflecting SEWL’s commitment to capturing a larger share of the burgeoning EV market in Pakistan.
In terms of financial performance, SEWL has reported a staggering profit increase of 697%, soaring to Rs 7.94 billion in FY24, compared to Rs 995 million in FY23. Net sales have also seen substantial growth, climbing to Rs 57.6 billion from Rs 18 billion.
To reward shareholders for their confidence, the board has proposed a final cash dividend of Rs12 per share, in addition to the interim dividend of Rs 8 per share already distributed earlier this year.
SEWL is not the only player in this rapidly evolving industry. Dewan Farooque Motors Ltd (DFML) recently announced that it has begun production of electric vehicles at its assembly plant after receiving approval from the Engineering Development Board (EDB).
Also Read: BYD Pakistan Expects 50% of Sales from Electric Vehicles by 2030
Furthermore, China’s leading electric vehicle manufacturer, BYD, has expressed plans to test the potential of EVs in the Pakistani market. Master Changan Motors Ltd has also launched its electric vehicles—the Deepal L07 sedan and Deepal S07 SUV—now available through its dealership network across 12 cities.
Also Read: Norway Electric Car Sales Surpass Petrol Cars
The commitment from various industry players signals a significant shift towards electric vehicles, marking a pivotal moment for sustainable transportation in Pakistan and paving the way for a greener future.
Also Read: Changan Motors to Launch New EVs in Pakistan
