Automotive industry in Pakistan

rdf:langString Automotive industry in Pakistan

rdf:langString em

rdf:langString Pending... We are busy

rdf:langString Historical production by year

rdf:langString Production

rdf:langString Year

rdf:langString The automotive industry in Pakistan is one of the fastest-growing industries in the country, growing by 171% between just 2014 and 2018. It accounts for 4% of Pakistan's GDP and employs a workforce of over 3.5 million people as of 2018.[1] Pakistan is the 35th largest producer of automobiles.[2] Its contribution to the national exchequer is nearly Rs. 50 billion (US$220 million). Pakistan's auto market is among the smallest, but fastest-growing in Asia. [citation needed] 269,792 cars were sold in the year 2018 but declined to 186,716 in 2019 as a result of austerity measures.[3] Pakistan used to have a lot of Japanese cars in the 1990s and early 2000s. With the launch of the first Auto Policy in 2005, [4] Pakistan launched its very first indigenous car Adam Revo but after the 2008 elections the dollar started depreciating and due to bad governance a lot of automakers started to halt production, and some even exited Pakistan. At present, the auto market is dominated by Honda, Toyota, and Suzuki. However, on 19 March 2016, Pakistan passed a second "Auto Policy 2016-21", which offers tax incentives to new automakers to establish manufacturing plants in the country.[5][6] In response, Renault, Nissan, Proton Holdings, Kia, SsangYong, Volkswagen,[7] FAW[8] and Hyundai[9] have expressed interest in entering the Pakistani market.[10][11] MG JW Automobile Pakistan has signed a memorandum of understanding (MoU) with Morris Garages (MG) Motor UK Limited, owned by SAIC Motor to bring electric vehicles to Pakistan.[12][13][14][15][16] NLC signed an agreement with Mercedes Benz for the manufacturing of Mercedes Actros trucks in Pakistan. Pakistan has not enforced any automotive safety standards or model upgrade policies. A few old models of vehicles including the Bolan and Ravi continue to be sold by Suzuki.[17] On 8 July 2021, launched the production of electric motorcycles.[18] On December 26, 2021, the Government of Pakistan announced a five-year policy between 2021 and 2026 to raise the production capacity of the automobile in Pakistan. On 20 October, the Pakistani envoy to China said during the meeting with 50 Chinese automotive brands, that Pakistan will increase its automobile production to 6-8 million units in the next five years. Pakistan is building special economic zones, where Chinese companies are setting up their businesses. In that meeting, 10 Chinese and Nasal automotive companies got ready to invest in Pakistan.