ADM Group to invest $250m in electric vehicle sector, CEO announces

ISLAMABAD: The ADM Group plans to invest $250 million in Pakistan’s electric vehicle sector, the company’s Chief Executive Officer Yasir Bhambhani announced on Thursday.

During a meeting with Federal Minister for Industries and Production Rana Tanveer Hussain, Bhambhani detailed the two-phase project, which will begin with the establishment of a charging network station.

The second phase will focus on the manufacturing of electric vehicles, designed to offer a 300km range on a single charge.Minister Hussain welcomed the investment, affirming the government’s commitment to facilitating foreign direct investment in Pakistan. He emphasized the significance of green energy and the advantages of electric vehicles, including their cost-effectiveness and fuel efficiency.

Last November, the ADM Group signed an MoU to expand electric vehicle charging infrastructure, supporting Pakistan’s goal of 30 per cent eco-friendly car sales by 2030. ADM will oversee operations and installations over the next three to five years.

In a presentation to the minister for industries, the company said that ADM Group, established in 1980, is spearheading the development of Pakistan’s first homegrown electric vehicles (EVs). The initiative aims to integrate global resources and advanced manufacturing technologies to create affordable and eco-friendly vehicles for the Pakistani market. The project includes a range of vehicles, from economical hatchbacks to luxury sedans and commercial vans, all powered by EV technology.

To support this initiative, ADM plans to establish a manufacturing plant with an annual output of 72,000 units, an assembling plant, and a nationwide network of charging stations across major highways and 64 cities. The project, with a total budget of $340 million, also envisions exporting EVs to Middle Eastern and Asian markets, potentially generating $900 million annually.