Car Companies Have Paid Rs. 4 Billion to Customers Thanks to New Auto Policy

Car Companies Have Paid Rs. 4 Billion to Customers Thanks to New Auto Policy in 2022

Car companies have reimbursed consumers a total of Rs. 4 billion for late vehicle deliveries under the consumer protection clause of AIDEP 2021-26, according to the CEO of the Engineering Development Board (EDB), Raza Abbas Shah, who spoke to the Minister of Industries and Production earlier today.

Makhdoom Syed Murtaza Mahmud, the newly appointed Federal Minister for Industries and Production, held a briefing on the automobile industry earlier today. The meeting was attended by Federal Secretary Mr. Jawwad Rafique Malik, CEO of EDB, and other Ministry senior officers.

Recent Activity Overview

The CEO of EDB provided an overview of Pakistan’s automobile sector through two broad-spectrum policies: the Automobile Development Policy (ADP) 2016-21 and the recently launched Auto Industry Development and Export Policy (AIEDP) 2021-26.

He emphasized that the AIDEP is focused on the following:

  • 30 percent value addition in the automotive industry
  • SRO 693 is updated every two years.
  • Auto parts export targets, as well as locally manufactured automobiles
  • Adoption of safety regulations via legislative means
  • Promoting electric vehicles (EVs) and new automotive technologies.

According to EDB’s CEO, the later version of the Automotive Development Policy (ADP) 2016-21 encouraged the entry of seven new automakers into the local market. He emphasized that Pakistan has achieved up to 92% localization in tractor production, 95% localization in motorcycle production, and up to 55% localization in car production.

The CEO of EDB informed the Minister that the company had issued eight licenses to EV-based Original Equipment Manufacturers to produce 2-wheelers and 3-wheelers in Pakistan.

Minister’s Observation

The Minister stated that the new policy ensures the automotive industry’s growth and development. He said that increasing the footprint of EVs is necessary to mitigate the challenges of global warming.

He directed the EDB to address the ‘Own-Money’ issue so that consumers could obtain vehicles on time and at reasonable prices.

See also  Sindh Increases House Rent Allowance for All Govt Employees

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button