Dewan Farooque Motors (DFML) starts EV production after EDB’s approval
Wire desk byline Sourced from Xinhua, Dawn, Arab News, Anadolu and Minute Mirror. Translated and abridged by the GSRRA Desk.
Dewan Farooque Motors Limited (DFML) said on Tuesday that it has commenced production of electric vehicles (EVs) at its assembly plant after receiving approval from the Engineering Development Board (EDB).
The listed company shared the development in its notice to the Pakistan Stock Exchange (PSX) on Tuesday.
“In continuation of our earlier letter dated July 23, 2024, regarding the physical verification of manufacturing facilities of Eco-Green Motors Limited (EGML) at the company’s assembly plant by the Engineering Development Board’s (EDB), the approval of which has been received and accordingly the production of electric vehicles has now been started at our assembly plant under the toll manufacturing agreement with our associated company EGML,” read the notice.
Following the development, DFML’s share price jumped to Rs52.3, a gain of Re0.91 or 1.8% at the time of this report.
Incorporated in Pakistan on December 28, 1998, as a public limited company, DFML is engaged in assembling, progressive manufacturing, and sale of vehicles in Pakistan.
Back in June, DFML said it entered into a toll manufacturing agreement with ECO-Green Motors Limited (EGML) for manufacturing EGML’s Honri-VE.
The production of the vehicle was expected to commence in August, DFML shared in its notice back then.
“By the grace of Almighty Allah, we hereby announce that DFML has entered into a toll manufacturing agreement with ECO-Green Motors Limited (EGML) for manufacturing of EGML’s Honri-VE (200km and 300km range), thereby becoming the leading manufacturer of electric vehicles in Pakistan,” read the notice.
Under the toll manufacturing agreement between two companies, one company owns a design or idea for a product and supplies materials to the other to manufacture the product or parts of it.
In 2022, DFML said it entered into a Technology License Agreement (TLA) with Korea’s KIA Corporation to produce and assemble its vehicles in Pakistan.
Reference Link:- https://www.brecorder.com/news/40321746
Zamir Ahmed Awan is the founder and Chair of the Global Silk Route Research Alliance, a think tank in Islamabad. He studied engineering at Shanghai University in the 1980s, and years later he went back to China as Pakistan's science counsellor in Beijing, from 2010 until 2016, working on science and higher education cooperation between the two countries.…
