KARACHI: Despite uncertain economic conditions, Dewan Farooque Motors Ltd (DFML) has announced plans to start rolling out electric vehicles (EVs) in August. The company has entered into a toll manufacturing agreement with ECO-Green Motors Ltd (EGML) for the production of EGML’s Honri-VE, offering ranges of 200km and 300km. This move positions DFML as a leading manufacturer of electric vehicles in Pakistan. Additionally, DFML has resumed commercial production of a “special purpose KIA commercial vehicle” named Kia Shehzore.
In related news, Lucky Core Industries (LCI) and Tariq Glass Industries Ltd (TGL) jointly announced delays in their float glass manufacturing project. The joint venture, Lucky TG Private Ltd (LTG), was set to develop an advanced float glass manufacturing facility with a production capacity of up to 1,000 tonnes per day in two phases. The first phase, with a capacity of 500 tonnes per day, was expected to be operational in FY25. However, economic conditions have stalled progress, prompting a reassessment of project timelines.
Due to these delays, LTG’s board has approved a buyback of its shares to manage dormant funds from paid-up capital injected by TGL and LCI. The buyback will be proportionate to TGL’s current 49% shareholding, which will be maintained post-transaction. Despite the setbacks, both companies remain committed to completing the project once the economic situation improves.
