ADM Group to invest $250m in Pakistan's electric vehicle manufacturing
MG News | August 15, 2024 at 05:01 PM GMT+05:00
August 15, 2024 (MLN): A major milestone has emerged for Pakistan's automobile industry, as ADM Group has announced a $250 million investment for the manufacturing of electric vehicles in Pakistan.
This understanding was reached at a meeting between Minister for Industries and Production Rana Tanveer Hussain and the Chief Executive Officer of the ADM Group in Islamabad today, as reported by the Information Ministry.
The CEO of ADM Group briefed the Minister that charging network stations will be established in the first phase of the project, while manufacturing of the electric vehicles will commence in the second phase.
He informed that an electric vehicle can cover a distance of 300 kilometers on one charge.
The Minister, on the occasion, assured all possible facilitation to attract Foreign Direct Investment.
He said electric vehicles have become a reality due to the focus on green energy and are cheaper than other automobiles.
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