Islamabad: In a significant boost to Pakistan’s green energy sector, the ADM Group has announced plans to invest $250 million in the manufacturing of electric vehicles, aiming to provide eco-friendly automobiles to the local market.
According to Ministry of Information and Broadcasting, ADM Group Chief Executive Officer Yasir Bhambhani detailed the investment plan during a meeting with Minister for Industries and Production Rana Tanveer Hussain. The project will roll out in two phases, with the initial focus on establishing a charging network station, followed by the manufacturing of electric vehicles that will boast a range of 300 kilometers on a single charge.
Minister Hussain expressed the government’s readiness to support this direct foreign investment, emphasizing the commitment to streamline processes and collaborate with all relevant stakeholders. He also highlighted the cost-effectiveness and fuel savings of electric vehicles as significant benefits of transitioning to green energy.