The Ministry of Climate Change and Environmental Coordination (MOCC) announced a National Electric Vehicle Policy under which the Government has decided that 30% of all vehicles (locally manufactured or imported) must be electric by 2030.
Under this policy the Government has also decided to give subsidies of Rs 50,000 for motorcycles and Rs 200,000 for 3 wheeler rikshaws which would be given out through auctions. The total amount of subsidy was set at Rs.4 billion. The Government also announced green financing option under which loans would be given out at 3% KIBOR.
Additional initiatives include giving out free electric motorbikes to 120 high-achieving students.
Two companies have been given licenses to start operations in Pakistan which include BYD (China) in collaboration with HUBC and Dewan Motors DFML while another 31 are in line to be granted licenses.
The policy is at draft stage and will need approval from the Prime Minister and the cabinet to be formally approved.