SAPM Chairs Meeting on Insurance Rates for Electric Vehicle Financing Scheme

A high-level meeting on the Electric Vehicle (EV) Financing Scheme was held on Thursday under the chairmanship of the Special Assistant to the Prime Minister (SAPM) on Industries and Production Haroon Akhtar Khan. The meeting focused on key issues such as insurance costs, risks related to battery theft, and anti-theft security measures for electric vehicles. Representatives from insurance and manufacturing companies participated in the meeting. EV manufacturers briefed the forum about the latest safety enhancements introduced in electric vehicles, including advanced tracking systems, upgraded locking mechanisms, and secure battery systems. Manufacturers emphasized that lithium-ion batteries are considered the safest for Pakistani weather conditions and are also environmentally beneficial. It was highlighted that new technological interventions have significantly reduced the risk of battery theft in electric vehicles. The SAPM directed insurance companies to submit separate insurance rate quotations for motorcycles, rickshaws, and cars by Tuesday. He urged the companies to propose affordable insurance rates in the public interest, assuring that the most competitive and beneficial rates would be selected. He reiterated that under the vision of Prime Minister Shehbaz Sharif, the government is committed to promoting eco-friendly transportation through the National Electric Vehicle Policy. “Electric vehicles will play a significant role in reducing environmental pollution in Pakistan,” the SAPM stated.