President of China Xi Jinping is scheduled to visit Pakistan later this year and in his itinerary is the inauguration of an electric vehicle (EV) manufacturing plant, which will be the biggest private EV venture in the country.
The project is a joint venture under the Foton JW Auto Park (Pvt.) Ltd. banner and is an agreement with Morris Garages (MG) to produce EVs in Pakistan. While MG was originally a British company, it has been acquired by a Chinese firm. It retains the MG brand which designs, develops and markets cars in the UK.
JW Forland is the first local company to have an equal partnership with a Chinese company, Changsha Foton and the venture with a total of $150 million invested. The initial production capacity of the plant is 30,000 units annually and will be located near Lahore. In the first stage, they will be producing vehicles such as SUVs, minivans, dump trucks, and cargo vehicles. For phases two and three a further investment of $300 million is under consideration, under which buses and trucks will be produced.
What do you think? Let us know in the comments below.