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Atlas Honda introduces first EV bike in Pakistan

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12 months ago

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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.

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Business

Dar chairs the CCOP meeting; Blue World’s bid offer of Rs.10 billion is rejected.

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2 days ago

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The Foreign Minister/Deputy Prime Minister chaired the Cabinet Committee on Privatization meeting.

Other committee members who attended the conference included the Federal Secretaries of several Divisions, the Ministers of Finance and Revenue, Industry and Food, Commerce, Power, and Privatization.

The CCOP took the PC Board’s recommendation into consideration and suggested that Blue World’s bid of 10 billion rupees for the sale of 60% of PIACL’s shares be rejected. The bid was rejected by the CCOP, who chose to follow the PC Board’s advice.

The government’s determination to sell out PIACL through government-to-government or privatization was reaffirmed by the CCOP.

The CCOP was pleased with the Aviation Division’s evaluation of PIACL’s sound financial standing.

Additionally, the CCOP established a committee, chaired by the Minister of State for Finance, to assess potential transaction possibilities for the privatization of the Roosevelt Hotel and the appropriate modes of adoption in light of existing legal rules.

Prior to its subsequent meeting, the CCOP also ordered that all difficulties be resolved and an agreement for the selling of services to an international hotel be concluded.

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The KSE-100 Index has surged by 790 points, resulting in an all-time peak for the stock exchange.

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The benchmark KSE-100 Index increased by 790 points, marking a new all-time high for the Pakistan Stock Exchange (PSX) at 94,982 points.

The record-breaking performance underscores a surge of optimism and investor confidence in the stock market.

As investors responded to favorable economic signals, the market experienced a significant increase of over 500 points in early trading. Later, the KSE-100 Index reached another record level of 94,786 points after adding 594 points to its upward trajectory.

This positive development comes as the State Bank of Pakistan’s (SBP) foreign exchange reserves saw an increase of $84 million, reaching $11.26 billion during the week ending November 8, according to data released by the central bank on Thursday.

This represents an increase of 0.75% from the previous week. In addition, the nation’s total liquid foreign reserves experienced a modest increase, increasing by $33.7 million or 0.21% week-on-week to $15.97 billion.

In contrast, commercial banks’ reserves experienced a decline of $50.3 million or 1.06%, ultimately settling at $4.71 billion.

Furthermore, the economic team of Pakistan has expressed confidence in the discussions with the International Monetary Fund (IMF). Minister of State for Finance Ali Pervaiz Malik, in an exclusive conversation with Samaa TV, claimed talks were moving in a positive direction.

Highlighting improvements in Pakistan’s economic conditions, Malik noted substantial progress over the past six months to a year. He emphasized that Pakistan’s current economic situation has seen significant enhancement, with a reduced current account deficit of only $100 million in the first quarter, a reflection of the government’s strategy to increase remittances and boost exports.

Malik shared that discussions with the IMF are primarily focused on external financing, and while there have been speculations about a potential mini-budget or an increase in the petroleum levy, he clarified that these are currently premature considerations.

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Positive IMF negotiations propel KSE-100 Index above 94,000 points

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4 days ago

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As a result of investors’ optimism about the reported progress in the continuing talks with the International Monetary Fund (IMF), the Pakistan Stock Exchange (PSX) experienced a robust surge.

The benchmark KSE-100 Index of the PSX, which tracks market sentiment, rose 713 points to a new record high of 94,068 points, breaking above the 94,000-point barrier, as the trading session began.

Early in the day, the stock market began its upward trajectory as the KSE-100 Index steadily rose, gaining 574 points to reach 93,932 points. A possible agreement with the International Monetary Fund (IMF) might lead to more fiscal stability and back Pakistan’s economic reforms, which is why investors are so optimistic about the country’s future.

Officials from the Federal Board of Revenue (FBR) informed the International Monetary Fund (IMF) on Wednesday that the government would not be introducing a mini-budget and would instead continue to aim to collect Rs12,970 billion in taxes each year.

In line with continuing discussions with the Fund, FBR sources revealed that petroleum goods will not be subject to the General Sales Tax (GST).

The fact that Pakistan’s tax-to-GDP ratio has increased from 8.8% to 10.3%, a 1.5% gain viewed as a favorable sign of Pakistan’s fiscal policies, has reportedly pleased the IMF, who has voiced satisfaction at Pakistan’s recent economic performance.

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