The newly unveiled fiscal budget for 2023-24 in Pakistan has brought promising developments for the hybrid car industry in the country.
As per the budget document accessed by ProPakistani, a considerable reduction in the customs duty (CD) has been declared for the import of hybrid electric vehicles (HEVs). Notably, the CD for fully assembled HEVs imported into the country has been slashed to a mere 1%.
Furthermore, the CD applicable to the import of completely knocked down (CKD) kits of HEVs has also been significantly reduced. The document indicates a 4% CD on the import of HEV CKD kits and a 3% CD on the import of plugin hybrid electric vehicle (PHEV) CKDs.
Such reductions are anticipated to positively influence the pricing of hybrid cars in the Pakistani market, potentially attracting new investors to the burgeoning hybrid car segment.
Significantly, the CD on lithium-ion batteries, which are critical and costly components of electric vehicles, has been completely eliminated. This move is expected to further influence the pricing structures of both HEVs and PHEVs in the local market.
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While the current availability of locally assembled hybrid cars in Pakistan remains relatively limited, this proactive move is likely to stimulate interest from other automakers to invest in this promising and environmentally-friendly sector.
