Dewan Farooque Motors Limited (DFML) has initiated electric vehicle production at its assembly plant under the Engineering Development Board, with support from the Special Investment Facilitation Council (SIFC). This move marks a significant development in Pakistan's automotive sector.
In June of this year, DFML signed a tool manufacturing agreement with Eco-Green Motors Limited for the production of Hanri-V E electric vehicles. This strategic partnership aims to boost the company's presence in the growing electric vehicle market.
Following this announcement, DFML's stock price saw a 1.8% increase, reaching 52.3 rupees per share, reflecting positive investor sentiment towards the company's new venture.
Established in 1998 as a public limited company, DFML has been engaged in vehicle assembly, progressive manufacturing, and sales in Pakistan. The company further expanded its operations in 2022 by entering into a technology license agreement with Kia Corporation of Korea for manufacturing and assembling vehicles in Pakistan.
The transition to electric vehicles, facilitated by SIFC's efforts, is expected to contribute positively to Pakistan's economic stability, environmental sustainability, and technological advancement. This initiative aligns with global trends towards cleaner transportation solutions and may help position Pakistan as a player in the electric vehicle industry.
