Business

Atlas Honda introduces first EV bike in Pakistan

Published

8 months ago

Farwa

Atlas Honda — one of Pakistan’s largest motorcycle manufacturers — has unveiled the company’s first EV motorcycle Honda ‘BENLY e’, although it did not specify when it would be rolled out in the country.

In a statement issued Tuesday, the company said the launch took place at a ceremony held at Atlas Honda’s Sheikhupura Factory to commemorate Atlas Honda’s 60th year of operations in Pakistan.

Chief Officer of Motorcycle and Power Products of Atlas Honda Noriaki Abe, on the occasion, said that Honda BENLY e will be offered for test marketing while new products will be offered based on the market feedback so that society and customers get the best of what Honda has to offer.

“Honda products have become an essential part of the daily life of many in Pakistan,” said Abe, adding that the joint venture between Atlas Group and Honda Motor Company has been at the forefront of motorcycle and auto parts manufacturing since 1963.

Speaking during the same event, Executive Vice President and COO of Honda Motor Company Shinji Aoyama said that the mobility industry is going through a rapid transformation and “Honda Motor was well positioned for the future”.

Saquib H Shirazi, President and CEO of Atlas Honda, said that Atlas Honda has expanded its product line up and achieved localisation of up to 95%.

“The company developed the largest network of local auto parts manufacturers and dealers. With more than 10,000 touchpoints, the company has created direct employment opportunities for more than 150,000 people,” said Shirazi.

Atlas Honda Limited reported a 152% jump in its net profit for the first quarter of the fiscal year 2023-24, driven by a robust increase in sales and other income.

The motorcycle industry, which caters to the low-income segment of the population, suffered a decline in sales in October.

Motorcycle sales fell 5% month-on-month and 11% year-on-year in October.

Atlas Honda, the market leader, recorded sales of 90,000 units, down 5% month-on-month and 5% year-on-year.

In the first four months of the fiscal year, motorcycle sales fell 10% year-on-year to 371,000 units, due to higher bike prices and low purchasing power of consumers.

Challenges for EV bikes in Pakistan

Lack of charging infrastructure: There are not enough charging stations across the country to support the growing demand for EV bikes. The government needs to invest in the charging infrastructure and work with the private sector to attract investment.

High cost and low range: The EV bikes are still more expensive than the conventional bikes that run on petrol or diesel. The batteries are also costly and take a long time to charge. The range of the EV bikes is also limited, which means they cannot travel long distances without recharging.

Low awareness and acceptance: Many people in Pakistan are not familiar with the benefits of EV bikes and their environmental impact. The government needs to launch awareness campaigns to educate consumers and promote the adoption of EV bikes.

Inconsistent government policies: The EV policy in Pakistan is not clear and consistent. There are different incentives and regulations for different types of EVs and different sectors. The policy also needs to address the issues of taxation, standardisation, quality control, and safety of EVs.

Business

An investigation was “launched” into PTA’s inability to get Rs. 78 billion back from Telcos

Published

18 hours ago

Farwa

The PTA has reportedly been instructed to reply to NAB by July 29. According to the enquiry, the national exchequer has suffered losses as a result of the delay in collecting dues.

The PTA has been asked to provide NAB with information about any pertinent records, court proceedings, and overdue bills. The NAB Karachi has summoned the PTA officials to appear with all pertinent documentation.

All of the principle sum has to be paid by the LDI firms, according to sources. But due to judicial stay orders, the collection of dues has been impeded.

These sources further state that a steering group has been established by the Ministry of IT to supervise the issue of dues recovery.

In a previous event, the tariffs levied on importing cell phones from outside were clarified by the Pakistan Telecommunication Authority (PTA).

Contrary to what some internet reports claim, PTA clarified in response to recent news regarding the tariffs on mobile phone imports that there hasn’t been a formal decision to remove these levies in Pakistan.

the PTA.Pakistanis living abroad will be the only ones free from these levies, according to the PTA. A SIM card can be inserted and the phone restarted to temporarily register a device for non-PTA mobile subscribers.

Business

Weekly inflation in Pakistan increased by 0.17 percent.

Published

18 hours ago

Farwa

The SPI for the week under review in the aforementioned group was reported at 321.95 points, as opposed to 321.40 points during the previous week, according to the PBS statistics.

The SPI for the combined consumption group saw a 20.09 percent increase in the week under review compared to the same week the previous year.

The weekly SPI includes 51 necessary items for every spending group and 17 urban areas, with a base year of 2015–16 = 100.

The SPI for the lowest consumption category, which is up to Rs 17,732, grew by 0.08 percent from 311.97 points to 312.22 points this past week.

0.18 percent,The index of consumption for the lowest consumption groups, which are Rs 17,732-22,888, Rs 22,889-29,517, Rs 29,518-44,175 and above Rs 44,175; increased by 0.13 percent, 0.15 percent, 0.18 and 0.19 percent, respectively.

Nineteen (37.25%) of the fifty-one commodities had price increases over the week, eight (15.69%) had price decreases, and twenty-four (47.06%) had unchanged pricing.

On a weekly basis, the following commodities saw significant price decreases: tomatoes (9.19%), onions (2.14%), LPG (1.04%), bananas (0.53%), wheat flour (0.35%), potatoes (0.17%), pulse masoor (0.16%), and bread (0.05%).

Chicken (4.80%), garlic (2.01%), pulse gramme (1.87%), eggs (1.71%), beef (0.93%), gur (0.89%), pulse moong (0.84%), fresh milk (0.45%), firewood (0.23%), and cigarettes (0.12%) were among the items whose average prices increased significantly week over week.

The commodities that saw a year-over-year decline were: wheat flour (31.75%); cooking oil (13.44%); vegetable ghee 2.5 kg (10.42%); vegetable ghee 1 kg (9.85%); mustard oil (8.33%); eggs (5.82%); rice basmati broken (4.15%); and tea package (2.52%).

Gas prices for Q1 (570.00%), onions (96.01%), pulse gramme (40.39%), powered milk (39.11%), garlic (34.61%), pulse moong (29.77%), men’s sandals (25.01%), beef (23.52%), salt powder (23.28%), pulse mash (22.50%), and energy saver (17.96%) were among the commodities whose average prices increased year over year.

Business

The price of gold has drastically dropped in Pakistan.

Published

2 days ago

Farwa

As per the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the cost of 24-karat gold per tola decreased by Rs 2,300, standing at Rs 250,500.

A kilogramme of 24-karat gold costing Rs1,972 less at the local market, making it worth Rs2114,763. Ten grammes of 22-karat gold had a price decrease to Rs196,866 as well.

After losing a significant $43 during the day, the rate per ounce of gold on the international market also decreased. It currently stands at $2,370.

On Thursday, the price of 24-karat silver also experienced a decline, falling by Rs60 to settle at Rs2,860 petal.