EV Industry Calls for Action Beyond Ambition

The electric vehicle sector is facing increasing pressure to move beyond ambitious goals and accelerate real-world implementation. Industry leaders, policymakers, and financial institutions gathered at the second Electric Vehicles Conference in Lahore to discuss the challenges and opportunities in EV adoption.  

 

Experts emphasized that while global EV sales grew by nearly 40 percent between 2023 and 2024, market penetration in certain regions remains low. The conference highlighted the need for tangible government support, including subsidies and tax credits, to drive adoption and infrastructure development.  

 

A key focus of the discussions was financing for EV projects. Bank of Punjab representatives noted that significant pools of liquidity and credit enhancements are available for climate finance, but accessing them requires strategic engagement with international development finance institutions.  

 

The event also showcased initiatives aimed at localizing EV production. Daewoo announced plans to replace diesel buses with electric alternatives on shorter intercity routes, starting with Lahore to Sialkot. However, experts pointed out that distribution companies face serious capacity and load management challenges, making long-route EV bus operations currently unfeasible.  

 

Industry leaders stressed that Pakistan has an opportunity to become a regional EV manufacturing hub, provided that regulatory frameworks and investment strategies align with global trends. The conference concluded with a call for coordinated efforts between the public and private sectors to accelerate EV adoption.  

 

Key takeaways:  

 

- Industry leaders urge action beyond ambition to accelerate EV adoption  

- Global EV sales grew by nearly 40 percent between 2023 and 2024, but market penetration remains low in some regions  

- Government support through subsidies and tax credits seen as crucial for growth  

- Bank of Punjab highlights financing opportunities for climate and EV projects  

- Daewoo announces plans to replace diesel buses with electric alternatives on short intercity routes  

- Experts stress the need for regulatory alignment to position Pakistan as a regional EV manufacturing hub  

 

Sources: The News International, Economic Times, Climate Action Centre, PakEVO Conference Reports