Business

Atlas Honda introduces first EV bike in Pakistan

Published

1 year ago

Farwa

Atlas Honda — one of Pakistan’s largest motorcycle manufacturers — has unveiled the company’s first EV motorcycle Honda ‘BENLY e’, although it did not specify when it would be rolled out in the country.

In a statement issued Tuesday, the company said the launch took place at a ceremony held at Atlas Honda’s Sheikhupura Factory to commemorate Atlas Honda’s 60th year of operations in Pakistan.

Chief Officer of Motorcycle and Power Products of Atlas Honda Noriaki Abe, on the occasion, said that Honda BENLY e will be offered for test marketing while new products will be offered based on the market feedback so that society and customers get the best of what Honda has to offer.

“Honda products have become an essential part of the daily life of many in Pakistan,” said Abe, adding that the joint venture between Atlas Group and Honda Motor Company has been at the forefront of motorcycle and auto parts manufacturing since 1963.

Speaking during the same event, Executive Vice President and COO of Honda Motor Company Shinji Aoyama said that the mobility industry is going through a rapid transformation and “Honda Motor was well positioned for the future”.

Saquib H Shirazi, President and CEO of Atlas Honda, said that Atlas Honda has expanded its product line up and achieved localisation of up to 95%.

“The company developed the largest network of local auto parts manufacturers and dealers. With more than 10,000 touchpoints, the company has created direct employment opportunities for more than 150,000 people,” said Shirazi.

Atlas Honda Limited reported a 152% jump in its net profit for the first quarter of the fiscal year 2023-24, driven by a robust increase in sales and other income.

The motorcycle industry, which caters to the low-income segment of the population, suffered a decline in sales in October.

Motorcycle sales fell 5% month-on-month and 11% year-on-year in October.

Atlas Honda, the market leader, recorded sales of 90,000 units, down 5% month-on-month and 5% year-on-year.

In the first four months of the fiscal year, motorcycle sales fell 10% year-on-year to 371,000 units, due to higher bike prices and low purchasing power of consumers.

Challenges for EV bikes in Pakistan

Lack of charging infrastructure: There are not enough charging stations across the country to support the growing demand for EV bikes. The government needs to invest in the charging infrastructure and work with the private sector to attract investment.

High cost and low range: The EV bikes are still more expensive than the conventional bikes that run on petrol or diesel. The batteries are also costly and take a long time to charge. The range of the EV bikes is also limited, which means they cannot travel long distances without recharging.

Low awareness and acceptance: Many people in Pakistan are not familiar with the benefits of EV bikes and their environmental impact. The government needs to launch awareness campaigns to educate consumers and promote the adoption of EV bikes.

Inconsistent government policies: The EV policy in Pakistan is not clear and consistent. There are different incentives and regulations for different types of EVs and different sectors. The policy also needs to address the issues of taxation, standardisation, quality control, and safety of EVs.

Business

With its second-largest surge ever, PSX approaches 114,000 points.

Published

1 day ago

Farwa

Driven by renewed activity from both private and government financial institutions, the Pakistan Stock Exchange (PSX) saw its second-largest rally in history on Monday.

The market regained many important levels in a single trading session as it rose with previously unheard-of momentum.

Intraday trading saw a top increase of 4,676 points, and the PSX’s benchmark KSE-100 Index gained 4,411 points to settle at 113,924 points. This impressive rebound demonstrated significant investor confidence by reestablishing the 100,000, 111,000, 112,000, and 113,000-point levels.

The market also saw the 114,000-point limit reestablished during the trading session.

The positive tendency was reflected when the market’s heavyweight shares touched its upper circuits. Among the most busiest trading sessions in recent memory, an astounding 85.78 billion shares worth a total of Rs55 billion were exchanged.

Experts credited the spike to heightened institutional investor activity and hope for macroeconomic recovery. Considered a major market recovery, the rally demonstrated the market’s tenacity and development potential.

Business

In interbank trade, the Pakistani rupee beats the US dollar.

Published

1 week ago

Farwa

In the international exchange market, the US dollar has continued to weaken in relation to the Pakistani rupee.

The dollar fell to Rs278.10 from Rs278.17 at the beginning of interbank trading, according to currency dealers, a seven paisa loss.

In the meantime, there was a lot of turbulence in the stock market, but it recovered and moved into the positive zone. The KSE-100 index recovered momentum and reached 116,000 points after soaring 1,300 points.

Both currency and stock market swings, according to analysts, are a reflection of ongoing market adjustments and economic uncertainty.

Business

Phase II of CPEC: China-Pakistan Partnership Enters a New Era

Published

1 week ago

Farwa

The cornerstone of economic cooperation between the two brothers and all-weather friends is still the China-Pakistan Economic Corridor, the initiative’s flagship project.

In contrast to reports of a slowdown, recent events indicate a renewed vigour and strategic emphasis on pushing the second phase of CPEC, known as CPEC Phase-2, according to the Ministry of Planning, Development, and Special Initiatives.

According to the statement, this crucial stage seeks to reshape the foundation of bilateral ties via increased cooperation, cutting-edge technology transfer, and revolutionary socioeconomic initiatives.

Planning Minister Ahsan Iqbal is leading Pakistan’s participation in a number of high-profile gatherings in China, such as the 3rd Forum on China-Indian Ocean Region Development Cooperation in Kunming and the High-Level Seminar on CPEC-2 in Beijing.

His involvement demonstrates Pakistan’s commitment to reviving CPEC, resolving outstanding concerns, and developing a strong phase-2 roadmap that considers both countries’ long-term prosperity.

At the core of these interactions is China’s steadfast determination to turn CPEC into a strategic alliance that promotes development, progress, and connectivity.

Instead of being marginalised, CPEC is developing into a multifaceted framework with five main thematic corridors: the Opening-Up/Regional Connectivity Corridor, the Innovation Corridor, the Green Corridor, the Growth Corridor, and the Livelihood-Enhancing Corridor.

With the help of projects like these, the two countries will fortify their partnership, and CPEC phase-2 will become a model of global economic integration and collaboration that benefits not just China and Pakistan but the entire region.