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Business Recorder
30-07-2025
- Automotive
- Business Recorder
Top 5 automobile assemblers at Pakistan Stock Exchange as of July 2025
The automobile industry in Pakistan plays an important role in helping shape the country's industrial and economic landscape. As one of the most dynamic sectors listed on the Pakistan Stock Exchange (PSX), automobile assemblers not only reflect consumer demand and industrial trends but also serve as a barometer for investor confidence in the broader manufacturing sector. Car sales in Pakistan jumped by 43% in the fiscal year 2024-25, according to the Pakistan Automotive Manufacturers Association (PAMA) data, an increase that analysts attributed to stable macroeconomic environment, introduction of more variants, lower interest rates, and improving consumer sentiment. In FY25, car sales (including jeeps and pick-ups) stood at 148,023 units, against 103,829 units reported in FY24. This story takes a closer look at the top five automobile assemblers currently listed on the PSX, ranked based on market capitalisation as of July 28, 2025. Indus Motor Company Limited (INDU) ($587mn) Indus Motor Company Limited (PSX: INDU) was incorporated in Pakistan in 1989 as a joint venture between some companies of House of Habib, Toyota Motor Corporation (TMC) and Toyota Tsusho Corporation of Japan. The company is engaged in the assembling, progressive manufacturing and marketing of Toyota and Daihatsu brand vehicles in Pakistan. INDU also acts as the sole distributor of these brands. Last year, INDU announced an additional investment of Rs1.1 billion to enhance what it called localisation of production. The company said the investment was part of its overall plan to increase localisation of parts and components of vehicles manufactured locally, in order to reduce outflow of foreign exchange and promote the local auto industry, generating employment and contributing to the economy. In the first nine months of the financial year 2024-25, Indus Motor posted a profit-after-tax (PAT) of Rs16.55 billion, significantly up by 75% as compared to the same period last year. The market capitalisation of Indus Motor at the PSX stands at $587 million. Atlas Honda Limited (ATLH) ($540 million) Atlas Honda Limited (PSX: ATLH) was incorporated as a public limited company on October 16, 1962 under the Companies Act, 1913 (now the Companies Act, 2017). The company is principally engaged in progressive manufacturing and marketing of motorcycles and spare parts. In June this year, Atlas Honda announced launching an electric scooter tailored for Pakistani consumers. The announcement had come after Pakistan government officially launched the National Electric Vehicle (NEV) Policy 2025-30, with a target to increase share of EVs in auto sales to 30% by 2030. Atlas Honda increased the prices of its bikes by Rs2,000 to Rs6,000 per unit, effective July 1, 2025, mainly due to the imposition of a new tax in the federal budget for FY25-26, according to industry sources. The market capitalisation of Atlas Honda at the PSX stands at $540 million. Millat Tractors Limited (MTL) Millat Tractors Limited (PSX: MTL) is a public limited company incorporated in Pakistan in 1964. MTL is engaged in the manufacturing and sale of internationally acclaimed tractors, diesel-generating sets and prime movers, diesel engines, and forklift is also involved in the sale, implementation, and support of Industrial and Financial System (IFS) applications locally and abroad. As of June 30, 2024, the company has an annual capacity of 30,000 tractors per annum on a double-shift basis. In November last year, the Competition Commission of Pakistan (CCP) granted approval for the merger of Millat Equipment Limited (MEL) with Millat Tractors Limited (MTL) under a Scheme of Arrangement sanctioned by the Lahore High Court. The market capitalisation of Millat Tractors at the PSX stands at $399 million. Sazgar Engineering Works Limited Sazgar Engineering Works Limited (PSX: SAZEW) was incorporated in Pakistan as a private limited company in 1991 and was converted into a public limited company in 1994. The principal activity of the company is the manufacturing and sale of automobiles, automotive parts and accessories and household electronic appliances. As of June 30, 2024, SAZEW has a total of 60.446 million shares outstanding which are held by 5009 shareholders. Directors, CEO, their spouse and minor children have the majority shareholding of around 66.68% shares of the company followed by local general public having 16.87% shares of the company. SAZEW rolled out its first four-wheeler in August 2022 in Pakistan under a joint venture with Great Wall Motor (GWM) of China. In November last year, Sazgar a Pakistani announced plans to purchase land valued at approximately Rs1.54 billion 'to meet future business requirements'. The company sold 1,349 units of its 4-wheelers in June 2025, a number that a local research house said was the company's second highest in a month. In a step towards hybrid adoption, Sazgar officially begun pre-bookings for its first locally assembled plug-in hybrid electric vehicle (PHEV) — the HAVAL H6 Hi4 1.5L AT AWD Turbo — with the initial rollout of its CKD model expected in August 2025. The market capitalisation of Sazgar at the PSX stands at $279 million. Honda Atlas Cars (Pakistan) Limited Honda Atlas Cars (Pakistan) Limited (PSX: HCAR) was incorporated in Pakistan as a public limited company in 1992 and commenced its commercial operations in 1994. HCAR is formed as a result of a joint venture between Honda Motor Co., Ltd., Japan and Atlas Group of Companies, Pakistan. The company is engaged in the assembly and progressive manufacturing and sale of Honda vehicles and spare parts. In April this year, the company revealed that it was planning to introduce Hybrid Electric Vehicle (HEV) models in Pakistan. The market capitalisation of Honda Atlas at the PSX stands at $150 million. Market capitalisation for each company was calculated on Thursday, July 28, 2025. For the purpose of this calculation, the exchange rate was used at Rs284 to 1 US dollar. The above article was contributed by Rehan Ayub, News Editor at Business Recorder (Digital), with assistance from Hussain Afzal (Graphics) and Junaid Sanawar (Data).
Business Recorder
08-07-2025
- Automotive
- Business Recorder
Pakistan's EV sector is ‘like a newborn baby', needs time to evolve, say experts
KARACHI: Pakistan is seeing an emerging momentum around new energy vehicles (NEVs) amid the government's NEV Policy 2025 – 30. However, despite the growing presence of global EV brands like BYD, Deepal, and MG, experts say Pakistan still lacks the ecosystem to support wide-scale adoption such as EV infrastructure and charging networks. Shafiq Ahmed Shaikh, automobile consultant and expert, told Business Recorder that 'the electric vehicle sector is just like a newborn baby in the country. If we are expecting that in a day or two this sector will perform like our decades-old gasoline vehicles infrastructure, it is wrong and not a good comparison.' He said there is no denying the federal government has been doing serious work in the area - its National Electric Vehicle (NEV) Policy 2025-30 aims to significantly increase the adoption of electric vehicles and promote sustainable transportation. Another electric vehicle policy is also in the pipeline and several investors along with the government are working on easy access infrastructure. After Lucky Motor, Pak Suzuki hikes car prices amid new NEV levy 'In a couple of years, if the government's support remains, we will definitely witness good and reliable infrastructure as well as excellent spare parts, services and advanced featured EVs.' 'It augurs well that the world knows EV companies are eager to build their plants in the country. When it comes to the future of EV and its infrastructure, both are really bright,' he added. '10-year stable, incentive-backed framework is non-negotiable' Auto expert Syed ShabbirUddin - who has over two decades of experience in the automotive industry and has led a successful EV introduction in the country - said Pakistan's EV Policy 2025 is directionally correct, but structurally weak. He told Business Recorder that with global battery costs dropping, a mass EV transition is expected by 2027. 'Pakistan must act now or risk becoming a dumping ground for outdated technology - Mere assembly of imported EVs won't cut it.' He explained that the country needs to localize high-value components like direct current (DC) chargers, charging cables, and EV motors—especially when it has raw materials like copper available. Sazgar plans NEV rollout by FY26, ups CapEx to Rs11.5bn Critical dual-use components such as braking systems and automotive-grade Cold Rolled Coil (CRC) steel must also be localized. 'There's no reason why Pakistan shouldn't be hosting suppliers like Continental AG, Aisin, or Valeo, just like India did decades ago,' he said, adding: 'the fundamental flaw remains our short-term policy horizon. A five-year policy gives the industry barely enough time to align before the next policy shift threatens to undo progress. A 10-year stable, incentive-backed framework is non-negotiable. Without it, Pakistan will fall further behind regional players who are already racing ahead in EV industrialization.' Improved urban air quality Meanwhile MG Motors Pakistan GM Marketing Division Syed Asif Ahmed said once the NEV Policy 2025 – 30 is approved, will align Pakistan with developed nations in classification of zero emission vehicles. The policy is poised to make a major dent in transport-related emissions, which currently account for 43% of the country's airborne pollutants. Pakistan advances NEV policy with Rs100bn subsidy Ahmed said that by promoting zero tailpipe emission vehicles, the policy can achieve improved urban air quality and reduced smog. Lower particulate matter means fewer respiratory illnesses and better public health outcomes. The policy also aligns with Pakistan's broader climate goals, including a net-zero transport fleet by 2060, and leverages the country's 37% renewable electricity mix to ensure that EVs remain clean from source to street. PHEV, EV and Hydrogen Cell Powered Vehicles are classified as NEV due to their ability to produce zero emissions. Earlier, under pressure from automotive giants, developing countries were forced to consider hybrid vehicles as NEV to enjoy tax subsidies. Unfortunately, these subsidies neither helped the environment nor were passed on to the end user. Both the principal and the local partner remained the beneficiary of such subsidies at the expense of people, government and local environment. Unlike hybrid vehicles, plug-in hybrids are an ideal urban mobility solution as they offer pure EV range. PHEVs also save early adopters from so-called range anxiety on long routes as they shift to hybrid modes after exhausting their EV range. Pakistan's NEV targets of zero emission and fuel savings are aligned with global trends, though its timeline is more gradual compared to the US, China and even India. As a result, automotive assemblers in Pakistan will introduce more PHEV variants with the support of global partners causing fuel bills to go down and exhaust emission to reduce. 'However, whether consumers enjoy gains from the tax benefits offered by government or end up buying overpriced vehicles like hybrids remains to be seen,' Syed Asif Ahmed said.
Business Recorder
04-07-2025
- Automotive
- Business Recorder
Bikes, rickshaws and Evs: Insurers told to submit separate rate quotes
ISLAMABAD: Special Assistant to the Prime Minister (SAPM) on Industries and Production, Haroon Akhtar Khan has directed insurance companies to submit separate insurance rate quotations for motorcycles, rickshaws and electric cars within a week. He passed on these directions here on Thursday while chairing a high-level meeting to address insurance pricing and policy concerns under the National Electric Vehicle (NEV) Financing Scheme 2025-30. The meeting signalled the growing momentum around Pakistan's EV ecosystem, particularly as the government prepares to roll out its Rs100 billion subsidy package aimed at accelerating EV adoption nationwide. The meeting brought together senior representatives from leading insurance firms and electric vehicle manufacturers to deliberate on risk coverage, particularly concerning battery theft and theft-prevention measures for EVs. EV manufacturers such as Ezbike briefed the forum on technological advancements in modern electric vehicles, including GPS-enabled tracking, specialized battery locks, and anti-theft lock systems. Furthermore, Lithium-ion batteries, noted for their stability and suitability to Pakistan's climate, were highlighted as the safest and most eco-friendly option currently available by the EV manufacturers, giving assurance to the insurance companies for the lesser risk involvement in the electric vehicles. Addressing the participants, Khan directed insurance firms to submit separate insurance rate quotations for motorcycles, rickshaws, and electric cars by the upcoming Tuesday. Emphasising public affordability, he urged companies to propose the most competitive pricing structures, assuring that consumer interest would remain paramount in the final selection. 'This initiative, aligned with Prime Minister Shehbaz Sharif's vision, marks another step towards making Pakistan's transport ecosystem greener, safer, and more accessible,' Khan stated. 'Electric vehicles will significantly cut down urban pollution and dependency on fossil fuels.' A wide array of insurance companies attended the session, including: Pak-Qatar General Takaful Ltd, Asia Insurance, Salaam Takaful Limited, Habib Insurance Co, Adamjee Insurance, TPL Insurance, Security General Insurance Co Ltd, Alfalah Insurance Company Limited, East West Insurance, TPLI Insurance, UBL Insurers Limited, The United Insurance Company, Reliance Insurance Co, Jubilee General Insurance Co Ltd, IGI General Insurance, Shaheen Insurance Co Ltd, Shaheen Insurance Limited, Askari General Insurance, EFU General Insurance, Century Insurance and State Life. Copyright Business Recorder, 2025
Business Recorder
02-07-2025
- Automotive
- Business Recorder
Pakistan advances NEV policy with Rs100bn subsidy
ISLAMABAD: A high-level meeting on the National Electric Vehicle (NEV) Policy was held today under the chairmanship of the Special Assistant to the Prime Minister (SAPM) on Industries and Production, Haroon Akhtar Khan. The meeting was attended by representatives from the Pakistan Banking Association and leading insurance companies. During the meeting, an in-depth discussion took place regarding the proposed Rs. 100 billion subsidy package aimed at promoting the use of electric vehicles in Pakistan. Haroon Akhtar Khan highlighted that Prime Minister Shehbaz Sharif's vision of this substantial subsidy reflects a commitment to the dual goals of public welfare and environmental protection. Pakistan launches National Electric Vehicle Policy 2025-30 The SAPM noted that the successful implementation of the NEV Policy can play a vital role in reducing smog and air pollution across the country. He emphasized that it will not only help improve air quality but also significantly reduce Pakistan's reliance on imported oil, ultimately decreasing the nation's multi-billion-dollar oil import bill. Haroon Akhtar Khan reaffirmed the government's commitment to a clean and prosperous Pakistan, stating, 'Our mission is a smog-free, pollution-free, and prosperous pakistan.' As part of the NEV Policy, he announced that electric vehicle charging stations will be set up nationwide to ensure convenience for the public and to encourage the transition towards clean and sustainable transportation.
Business Recorder
02-07-2025
- Automotive
- Business Recorder
Govt advances NEV policy with Rs100bn subsidy
ISLAMABAD: A high-level meeting on the National Electric Vehicle (NEV) Policy was held today under the chairmanship of the Special Assistant to the Prime Minister (SAPM) on Industries and Production, Haroon Akhtar Khan. The meeting was attended by representatives from the Pakistan Banking Association and leading insurance companies. During the meeting, an in-depth discussion took place regarding the proposed Rs. 100 billion subsidy package aimed at promoting the use of electric vehicles in Pakistan. Haroon Akhtar Khan highlighted that Prime Minister Shehbaz Sharif's vision of this substantial subsidy reflects a commitment to the dual goals of public welfare and environmental protection. Pakistan launches National Electric Vehicle Policy 2025-30 The SAPM noted that the successful implementation of the NEV Policy can play a vital role in reducing smog and air pollution across the country. He emphasized that it will not only help improve air quality but also significantly reduce Pakistan's reliance on imported oil, ultimately decreasing the nation's multi-billion-dollar oil import bill. Haroon Akhtar Khan reaffirmed the government's commitment to a clean and prosperous Pakistan, stating, 'Our mission is a smog-free, pollution-free, and prosperous pakistan.' As part of the NEV Policy, he announced that electric vehicle charging stations will be set up nationwide to ensure convenience for the public and to encourage the transition towards clean and sustainable transportation.
