Dewan Farooque Motors Limited (DFML) has initiated manufacturing and assembly of 300km range electric vehicles (EVs) for Eco-Green Motors Limited (EGML), expanding upon its earlier agreement to produce 200km range EVs.
The automaker shared the development in its notice to the Pakistan Stock Exchange (PSX) on Thursday.
“We are pleased to inform you that in addition to 200km range of electric vehicles, Dewan Farooque Motors Limited has now commenced manufacturing / assembling of 300km range of electric vehicles for Eco-Green Motors Limited,” read the notice.
Following the development, DFML’s share price jumped to Rs36.89, a gain of Re0.72 at the time of this report.
On Wednesday, DFML announced that it had locally assembled more than 300 units of a Chinese electric vehicle (EV) named ‘Honri-VE’ in the first ten months since the company commenced production of EVs at its assembly plant.
Back in September 2024, the company commenced production of the electric vehicle at its assembly plant after receiving approval from the Engineering Development Board (EDB).
In June last year, the company said it entered into a toll manufacturing agreement with Eco-Green Motors Limited (EGML) for manufacturing EGML’s Honri-VE.
Under the toll manufacturing agreement between two companies, one company owns a design or idea for a product and supplies materials to the other to manufacture the product or parts of it.
Incorporated in Pakistan on December 28, 1998, as a public limited company, DFML is engaged in assembling, progressive manufacturing and sale of vehicles in Pakistan.
