Dewan Farooque Motors Expands EV Production for Eco-Green Motors

Dewan Farooque Motors Limited (DFML) has commenced the production and assembly of electric vehicles (EVs) with a 300km range for Eco-Green Motors Limited (EGML), building upon their previous agreement to manufacture EVs with a 200km range.

The automaker announced this development in a notification to the Pakistan Stock Exchange (PSX) on Thursday.

The notice stated, “We are pleased to announce that, in addition to the 200km range of electric vehicles, Dewan Farooque Motors Limited has now started manufacturing / assembling electric vehicles with a 300km range for Eco-Green Motors Limited.”

Following the announcement, DFML’s stock value rose to Rs36.89, marking an increase of Re0.72 at the time of the report.

On Wednesday, DFML revealed that it had locally assembled over 300 units of a Chinese electric vehicle (EV) known as ‘Honri-VE’ in the initial ten months since the company began EV production at its facility.

In September 2024, the company initiated the production of the electric vehicle at its assembly plant after securing approval from the Engineering Development Board (EDB).

Last June, the company announced its entry into a toll manufacturing agreement with Eco-Green Motors Limited (EGML) for the manufacturing of EGML’s Honri-VE.

According to the toll manufacturing agreement between the two entities, one company possesses a design or concept for a product and provides materials to the other for the manufacturing of the product or its components.

DFML, incorporated in Pakistan on December 28, 1998, as a public limited company, is involved in the assembly, progressive manufacturing, and sale of vehicles within Pakistan.