Dewan Farooque Motors Limited (DFML) has declared its participation in a toll manufacturing agreement with ECO-Green Motors Limited (EGML) to produce EGML’s Honri-VE, solidifying its position as the premier electric vehicle manufacturer in Pakistan.
DFML disclosed in its notice to the Pakistan Stock Exchange (PSX) on Thursday that production of the vehicle is slated to commence in August.
The notice stated, “By the grace of Almighty Allah, we hereby announce that DFML has entered into a toll manufacturing agreement with ECO-Green Motors Limited (EGML) for manufacturing EGML’s Honri-VE (200km and 300km range), thereby becoming the leading manufacturer of electric vehicles in Pakistan.”
A toll manufacturing agreement involves two companies, with one owning the design or concept for a product and supplying materials to the other for manufacturing the product or its components.
“The production thereof is expected to commence in the month of August 2024,” the notice reiterated.
Just a day prior to this announcement, DFML revealed the resumption of commercial production of the “Special Purpose KIA Commercial Vehicle,” marketed under the product name KIA Shehzore, with its roll-out and launch ceremony scheduled for June 4.
Established as a public limited company in Pakistan in 1998, Dewan Farooque Motors Limited is primarily engaged in the assembly, progressive manufacturing, and sale of vehicles within the country.
In 2022, DFML announced its entry into a Technology License Agreement (TLA) with Korea’s KIA Corporation to produce and assemble its vehicles in Pakistan.
