Islamabad: The government has launched the Electric Vehicle Policy 2025-30 for the next five years, under which attractive incentives will be offered to investors.
The target is to have 30% electric vehicles operating in Pakistan by 2030, with an overall target of 90% electric vehicles by 2040. In the initial five years, incentives will be provided for an investment of 3 billion rupees.
Companies making investments will be provided land on a 50-year discounted lease, and a 1% customs duty will be levied on the import of specific parts. By 2064, electric vehicles in the country are expected to reduce the import bill by 64 billion dollars.
Federal Minister for Industries and Production, Rana Tanveer Hussain, said that a proposal to impose a 15% customs duty on non-local parts is under consideration. The draft of the new five-year Electric Vehicle (EV) Policy 2025-30 has been prepared with consultations from all stakeholders.
Rana Tanveer Hussain further mentioned that Prime Minister Muhammad Shehbaz Sharif has established a high-level steering committee to finalize the electric vehicle policy. Efforts are being made to provide more incentives to companies so that the production of electric vehicles increases, and from next year, four-wheel electric vehicles will begin to be manufactured in the country.
