Pakistan expects early EV target amid oil price surge: report
Amid the growing popularity of electric vehicles (EVs), Pakistan expects to reach its EV adoption target ahead of schedule as consumers increasingly switch from petrol- or diesel-powered cars. “I feel that the target we had set in our electric-vehicle policy last year, we will achieve it much earlier as the rise in oil prices has brought cost recovery of EVs to one to one-and-a-half year,” Haroon…
Pakistan anticipates surpassing its electric vehicle (EV) adoption goals ahead of the original timeline due to the surge in oil prices, according to a recent report. Haroon Akhtar, an adviser to the prime minister on industries and production, stated that the higher costs associated with petrol and diesel vehicles will be recovered within one to one-and-a-half years, accelerating EV adoption.
The National Electric Vehicles Policy (NEVP) was established in 2019, with initial targets of EVs comprising 30% of passenger vehicle and heavy-duty truck sales by 2030, and 90% by 2040. The recent escalation in oil prices, rising by 54% for petrol and 43% for diesel, has significantly reduced the time it takes for consumers to break even on the higher upfront cost of EVs.
In addition to the current policies, the government is reportedly working on a new auto policy, which could be presented to the cabinet within two weeks, potentially including tax incentives to further narrow the price gap between EVs and conventional vehicles.
Written by urgent.news from Business Recorder's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 1 other outlet
- Gold price increase by Rs600 per tola in Pakistan brecorder.com
