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Saturday June 22, 2024

Dewan Farooque Motors to manufacture EVs

DFML has entered into a toll manufacturing agreement with Eco-Green Motors Limited to manufacture Honri-VE

By Our Correspondent
May 31, 2024
An electric wire is plugged into an electric car in this undated image. — APP/File
An electric wire is plugged into an electric car in this undated image. — APP/File

KARACHI: Dewan Farooque Motors Limited (DFML) has entered into a toll manufacturing agreement with Eco-Green Motors Limited (EGML) to manufacture EGML’s Honri-VE.

This was announced by DFML in a notice to the PSX on Thursday. With this agreement, the company said, it becomes “the leading manufacturer of electric vehicles in Pakistan. The production thereof is expected to commence in the month of August 2024.”

Earlier on Wednesday, Dewan Farooque Motors Limited announced the resumption of commercial production for its special-purpose KIA commercial vehicle -- KIA ‘SHEHZORE’. The company revealed that the launch ceremony for the vehicle is scheduled for June 4, 2024.

Dewan Motors witnessed trading of 25.937 million shares with an increase of Rs3.31 or 8.0 per cent in its share price on Thursday. DFML, incorporated in Pakistan as a public limited company in 1998, is engaged in assembling, manufacturing, and sales of vehicles.