BYD is emerging as formidable competitor to Tesla and is on track to surpass the latter as world’s largest EV manufacturer
- BYD delegation on exploratory visit to Pakistan, says BoI.
- Expresses interest in talks with govt, local partners.
- BYD on track to surpass Tesla as largest EV manufacturer.
ISLAMABAD: Chinese electric vehicle (EV) maker BYD, which is a tough competitor of Tesla, is considering investing in Pakistan’s nascent EV sector and is in talks with the government and potential local partners, The News reported Friday.
According to the Board of Investment (BoI), Pakistan’s main body for attracting foreign investment, the world’s largest EV manufacturer expressed interest in exploring opportunities in Pakistan during a visit by a delegation this week.
“The delegation is currently on an exploratory visit to Pakistan, facilitated by BOI, including crucial meetings with potential local partners,” the BoI said Thursday on its social media platform X, formerly Twitter.
The significant update comes in the aftermath of a meeting between a delegation from BYD Company China, led by Head of the Dealer Division (South Asia) Cai Xiao Xu, Country Head (Pakistan) Lei Jian with BoI Secretary Sohail Rajput.
The BoI said BYD, recognised as a Fortune 500 entity and a global leader in EV manufacturing, emphasised its presence in four major industries — automobile, rail transit, new energy, and electronics.
During the meeting, the Secretary of BoI welcomed BYD’s interest, emphasising the significance of EVs in Pakistan. He assured the BYD delegation of the Government of Pakistan’s commitment to facilitating foreign investors.
BYD is a key player in the production of various vehicles, including battery electric and hybrid cars, buses, and trucks, as well as battery-powered bicycles, forklifts, solar panels, and rechargeable batteries.
In the preceding month, Caretaker Minister for Commerce & Industries Dr Gohar Ejaz disclosed that BYD is actively considering investment opportunities in Pakistan. The minister informed the BYD delegation about the government’s policy and the Special Investment Facilitation Council (SIFC), expressing full support for their potential ventures.
With its operations in India and various right-hand-driven (RHD) markets, BYD is emerging as a formidable competitor to Tesla and is on track to surpass the latter as the world’s largest EV manufacturer. The Chinese company’s EVs have been gaining widespread popularity globally.