Karachi, December 5, 2024 – Dewan Farooque Motors Limited (DFML) has achieved a significant milestone with the successful assembly of over 100 electric vehicles (EVs). This announcement was made through a communication sent to the Pakistan Stock Exchange (PSX) on Thursday.
According to DFML, the 100-plus units of EVs have been assembled and handed over to Eco-Green Motors Limited for distribution to its customers.
In its statement, DFML expressed its appreciation and gratitude towards all stakeholders for their continued trust and support, particularly following the restart of the company’s manufacturing operations. The successful assembly of these electric vehicles marks an important step for DFML, reflecting its commitment to the growing EV market in Pakistan.
In a separate communication to the PSX, DFML addressed rumors circulating on social media regarding the company’s financial status and operations. The company clarified that the launch of the KIA Shehzore vehicle took place on June 4, 2024, and its financial statements for the fiscal year ending June 30, 2024, were finalized in November 2024. The brief operating period, which lasted less than a month until the end of June, was included in the financial accounts for that period.
DFML also responded to concerns raised about overdue amounts, noting that these debts stem from past years, dating back to 2008. The company emphasized that it had successfully resumed its own vehicle manufacturing after a hiatus of over a decade, a major achievement for the company. Furthermore, DFML confirmed that its outstanding debts would be restructured by the banks, with arrangements for step-up repayments over the coming years.
In addition to the assembly of electric vehicles, DFML is also locally producing electric cars under the brand “Honri” for the first time in Pakistan’s history, on a toll manufacturing basis for its sister company. This marks a significant step in the local EV industry and contributes to Pakistan’s growing push toward sustainable mobility.
DFML reassured investors that there were no defaults in the period covered by the audited financial statements for the year ended June 30, 2024. The company remains confident that its financial performance will improve in the coming year, with expectations for further consolidation and growth.
