Chinese giant BYD is eyeing investments in Pakistan’s electric vehicle sector

• BYD delegation on fact-finding visit to Pakistan, BoI says.
  
• Expresses interest in talks with government, local partners.
• BYD is on track to overtake Tesla as the largest EV maker.

ISLAMABAD: Chinese electric vehicle (EV) maker BYD, which is a fierce competitor to Tesla, is considering investing in Pakistan’s nascent EV sector and is in talks with the government and potential local partners, The news reported on Friday.

According to the Board of Investment (BoI), Pakistan’s main body for attracting foreign investment, the world’s largest EV maker expressed interest in exploring opportunities in Pakistan during a delegation visit this week.

“The delegation is currently on a fact-finding visit to Pakistan, facilitated by the BOI, including critical meetings with potential local partners,” the BoI said Thursday on social media platform X, formerly Twitter.

The important update comes after a meeting between a delegation from BYD Company China, led by Head of Dealership (South Asia) Cai Xiao Xu, Country Head (Pakistan) Lei Jian with BoI Secretary Sohail Rajput.

The BoI said BYD, recognized as a Fortune 500 entity and a global leader in EV manufacturing, highlighted its presence in four major industries – automotive, rail, new energy and electronics.

During the meeting, BoI Secretary welcomed BYD’s interest, highlighting the importance of electric vehicles in Pakistan. He assured the BYD delegation of the commitment of the Government of Pakistan to facilitate 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 bicycles, forklifts, solar panels and rechargeable batteries.

Last month, acting Minister for Commerce and Industries Dr Gohar Ejaz revealed that BYD is actively looking at investment opportunities in Pakistan. The minister briefed the BYD delegation on the government’s policy and the Special Investment Facilitation Council (SIFC), expressing full support for their eventual ventures.

With operations in India and various right-hand drive (RHD) markets, BYD is emerging as a formidable competitor to Tesla and is well on its way to surpassing the latter as the world’s largest EV maker. The Chinese company’s EVs have gained widespread popularity worldwide.