Dewan Farooque Motors Limited (DFML) has 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.
In a notification to the Pakistan Stock Exchange (PSX) on Tuesday, the company informed that to date, more than 300 units had been handed over to Eco-Green Motors Limited for onward deliveries to its customers.
“With reference to our earlier letter dated October 11, 2024 wherein we have informed the esteemed members regarding the assembling of Electric Vehicles namely ‘Honri – VE’ under toll manufacturing arrangements for our associated company Eco-Green Motors Limited.
“We would like to inform you that till date more than 300 units of electric vehicles have successfully been assembled and handed over to Eco-Green Motors Limited for onward deliveries to its customers,” read the notice.
Following the development, DFML’s share price jumped to Rs36.99, a gain of Re1.43 or 4.02% at the time of this report.
DFML said in September 2024 that it 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 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.
