Islamabad: Dewan Farooque Motors Limited (DFML) has achieved a significant milestone by assembling more than 100 units of the Chinese electric vehicle (EV) “Honri-VE” in just three months at its local assembly plant. The vehicles were delivered to Eco-Green Motors Limited for distribution to customers, marking a strong entry into Pakistan’s evolving electric vehicle market.
The Honri-VE comes in two variants, with a range of 200 km and 300 km per charge, priced at Rs 3.99 lakh and Rs 4.99 lakh respectively. According to DFML Director and Company Secretary Muhammad Hanif Germain, the Honri-VE offers similar features to popular Japanese brands such as the Suzuki Wagon R, making it a competitive option in the market.
Following the announcement, DFML’s share price rose by 5.17% on the Pakistan Stock Exchange (PSX), reaching Rs 42.74, with a trading volume of 8.2 million shares. The company attributes its progress to rising demand for electric vehicles and improved affordability due to recent central bank interest rate cuts.
This development comes as DFML continues its collaboration with Eco-Green Motors under a fee manufacturing agreement, with the aim of promoting the adoption of electric vehicles in Pakistan. The surge in automobile financing, which grew by 3.7% month-on-month in October, indicates a recovery in Pakistan’s automobile sector.