Despite COVID-19, cars production capacity reached 215,776 in Pakistan. It includes cars, jeeps, SUVs and light commercial vehicles in 2021. CEO of the Engineering Development Board revealed it to Minister of Industries and Production earlier today.
CEO EDB said that the automotive sector is making gains as a result of the incentives provided by the ADP 2016-21. It also gains by Automotive Industry Development and Export Policy (AIDEP) 2021-26. Both have held earlier this morning in country.
He went on to say that if operations continue at their current rate, the annual cars production will reach 300,000 units this year in Pakistan. In meeting with the minister, EDB’s CEO informed him that the revised ADP 2016-21 encouraged the entry new manufacturers.
He emphasised that Pakistan has achieved up to 90% plus localization in tractor and motorcycle manufacture. Moreover, up to 55 percent localization in automobile production among other achievements. The EDB has also awarded eight permits to electric vehicle-based OEMs to manufacture 2-wheelers and 3-wheelers in Pakistan.
The Minister stated that the new strategy is critical in guaranteeing the continued expansion of the automotive sector. He also urged the EDB to expedite its efforts to remedy the On-Money problem, which has now investigated.