Karachi: In a significant development in Pakistan's automotive sector, Dewan Farooque Motors Limited has announced the commencement of electric vehicle production at its assembly plant. This move comes after receiving approval from the Engineering Development Board (EDB). According to information available from the Pakistan Stock Exchange (PSX), this milestone is part of a toll manufacturing agreement with Eco-Green Motors Limited (EGML), an associated company.
The approval by EDB was confirmed following a physical verification of EGML's manufacturing facilities at Dewan Farooque Motors' assembly plant. This verification, initially reported in a communication on July 23, 2024, marks a pivotal step towards enhancing the company's manufacturing capabilities.
Dewan Farooque Motors is acting in compliance with Section 96 of the Securities Act, 2015, and clause 5.6.1(a) of Pakistan Stock Exchange Regulations, which mandate the disclosure of material and price-sensitive information. The commencement of electric vehicle production not only aligns with global automotive trends but also positions Dewan Farooque Motors to capitalize on the growing demand for eco-friendly transportation solutions.
The company has formally notified TRE Certificate Holders of the Exchange about this development, ensuring transparency and adherence to regulatory requirements.