Dewan Farooque Motors Shares Update on Its Electric Vehicle Venture

Dewan Farooque Motors Limited (PSX: DFML) announced Tuesday that Jigs required for manufacturing of electric vehicles have been installed. Earlier in May, DFML announced that it had entered into a toll manufacturing agreement with ECO-Green Motors Limited (EGML) for manufacturing of EGML’s Honri-VE (200KM and 300KM range). In a notice to the Pakistan Stock Exchange (PSX) today, the company said that physical verification of manufacturing facilities of EGML at the company’s assembly plant is being conducted by the technical team of the Engineering Development Board (EDB). In its earlier announcement in May, the company had said that the production of vehicles is expected to commence in August 2024. The company’s principal activities are assembling, progressive manufacturing, and selling vehicles in Pakistan. DFML’s scrip at the bourse was trading at Rs. 40.27, up 10 percent or Rs. 3.66 at the time of filing of this news.