Karachi: Dewan Farooque Motors Limited has announced an expansion in its manufacturing capabilities by commencing the assembly of a new range of electric vehicles (EVs) with a 300-kilometer range. This development follows an earlier agreement with Eco-Green Motors Limited for toll manufacturing, which was initially disclosed in a letter dated May 30, 2024.

The announcement, made in accordance with Section 96 of the Securities Act, 2015, and clause 5.6.1 (a) of the Pakistan Stock Exchange Regulations, marks a significant advancement for Dewan Farooque Motors in the electric vehicle sector. According to information available from the Pakistan Stock Exchange (PSX), this move is expected to enhance the company's market position in the automotive industry, particularly concerning environmentally friendly transportation solutions.

The company had previously been engaged in the production of EVs with a 200-kilometer range and is now enhancing its product lineup with the new 300-kilometer range model. This strategic development is aimed at catering to the growing demand for electric vehicles in the region, thereby strengthening its partnership with Eco-Green Motors Limited.

Dewan Farooque Motors expressed gratitude towards all stakeholders for their continued trust and confidence in the company's operations. The market category for this development is designated under the automotive sector, highlighting the company's commitment to innovation and sustainability within the industry.

The company has communicated this material information to the TRE Certificate Holders of the Pakistan Stock Exchange to ensure transparency and compliance with regulatory requirements.