Amid increasing petrol prices in Pakistan, a new start-up company has announced that it would manufacture 8,000 electric motorcycles ranging up to Rs450,000 in the country, The News reported on Tuesday.
The company, Zyp Technologies, has raised $1.2 million as a seed capital investment led by Indus Valley Capital — which is an early-stage venture capital fund investing in Pakistani startups.
It has also established an assembly line capable of producing up to 8,000 motorcycles annually to meet demand from business customers and individual buyers.
The cost of upcoming electric motorbikes will range between Rs150,000 to Rs450,000 depending on variety. The company also plans to establish 4,000 charging stations across the country.
With climate change and rising fuel prices in Pakistan, the solutions enable motorcycle fleet operators to save up to 70% on fuel costs and eliminate air-polluting emissions, making their operations environmentally sustainable and profitable.
In recent days, the caretaker government increased the petrol and diesel prices by over Rs14 per litre, crossing the 300 mark.
The Finance Division had said the hike was due to the “increasing trend of petroleum prices in the international market and exchange rate variations”.
Currently, the price of petrol is Rs305.36 per litre while high-speed diesel (HSD) price is Rs311.84 per litre.
Source: Geo News