Islamabad: ADM Group, led by Chief Executive Officer Yasir Bhambhani, has announced plans to invest $250 million in developing Pakistan’s electric vehicle (EV) industry, aiming to introduce eco-friendly automobiles to the local market.
According to Press Information Department, during a meeting with Federal Minister for Industries and Production Rana Tanveer Hussain, Bhambhani outlined a two-phase investment strategy. The initial phase will focus on establishing a charging network across the country, with the subsequent phase involving the manufacturing of electric vehicles capable of traveling up to 300 kilometers on a single charge.
Minister Hussain welcomed the investment, noting that the government is prepared to support direct foreign investment and work closely with stakeholders to promote green energy initiatives. He also emphasized the economic and environmental advantages of electric vehicles, highlighting their potential for reducing fuel costs and dependency compared to traditional vehicles.