China-based Gauss Auto Group has announced to set up of an Electric Vehicle (EV) industrial plant in Pakistan. This initiative has the potential to boost the Electric vehicle (EV) industry in the country.
Moreover, the company is committed to establishing an EV manufacturing power plant in Karachi port’s Special Economic Zone (SEZ), spread across almost 1,000 acres of land. Likewise, in the press statement, the company acknowledged the project as a joint venture with AKD Group. Gauss Auto Group itself is registered in Silicon Valley, US, and is currently operating in Shanghai, China.
Furthermore, the company emphasizes the innovation and development of automobiles with modern technology and the integration of resources. The CEO of Gauss Auto Group and the CEO of AKD Group met at the meeting during their visit to the Board of Investment (BoI). Moreover, the meeting was also attended by the Federal Minister BoI, Chaudhry Salik Hussain, and Secretary BoI Fareena Mazhar.
Gauss Autos from China has announced to establish an Electric Vehicle Plant in Pakistan’s Special Economic Zone in Karachi on 1000 acres of land.
The plan is to launch this project as a Joint Venture of AKD Group & Gauss Auto
— Economy of Pakistan (@Pakistanomy) May 23, 2022
Additionally, both the companies discussed the need for innovation and advancement in the automobile industry. Similarly, the Chinese company also expressed its concern about exporting locally-assembled EVs from Pakistan. Meanwhile, the secretary BoI informed the delegation about Pakistan’s new EV policy, which benefits both new and existing manufacturers.
In addition to this, a comprehensive presentation about the production plant was also delivered for a better understanding. Likewise, a brief insight on liberal investment policies and maximum support for the foreign investors in the country was also highlighted in the meeting.
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MG EV in Pakistan
Moving on, it’s necessary for Pakistan to enhance its automobile industry and work on international standards in this era of globalization. Likewise, last year the first initiative of electric vehicle power plants was taken by the MG JW Automobile Pakistan Private Limited in JW-SEZ Raiwand ‘zone enterprise’.
Moreover, the project has an estimated foreign direct investment (FDI) of Rs663 million and local investment worth Rs637 million. The MG JW Automobile EV power plant is a joint venture between JW-SEZ (Private) Limited and SMIL, a subsidiary of SAIC Motor Corporation Limited, China.
Read more: More MG cars are coming to Pakistan!
Conclusively, the trend of EV automobiles would help the country’s auto industry enhance international standards and would potentially contribute to its annual GDP. Moreover, electric vehicle manufacturing plants would also encourage the exports of local vehicles and attract investors to the country.