Lahore March 6 2024: Sazgar Engineering Works Limited has not made any investment decision for the local manufacturing of Electric Vehicles and HEV ORA 03 EV and Tank 500 HEV respectively, according to company filing to the exchange.
Share price of the company increase 2.06 percent or PKR 7.82 in today trading at PSX. Notably, share price of SAZGAR surge 117 percent since start of this year.
Recently the company has imported Completely Built-up Unit (CBU) of the vehicles namely the ORA 03 EV and lank 500 HEV, is part of Company’s customary business and falls under its HEV & EV segment.
It is normal business practice that before starting the local manufacturing; vehicle is imported in CBU condition to assess the market potential of such vehicle, company states it in response to recent surge in company share price.
SAZGAR is principally engaged in ·the manufacturing/assembly and sale of various types of auto mobiles including passenger and off-road vehicles. The Company has also the honor to introduce in Pakistan the first locally manufactured Electric three-Wheeler (EV) in 2020 and Hybrid Electric Vehicles (HEV) in 2022.
