By Our Correspondent
ISLAMABAD: In a move to encourage eco-friendly transportation and reduce reliance on fossil fuels, the federal government is set to launch a large-scale scheme offering 116,000 electric bikes through convenient two-year installment plans.
According to insiders, the subsidy and financing mechanism for this initiative is nearly complete. Prime Minister Shehbaz Sharif is expected to officially announce the new Electric Vehicle (EV) Policy on August 14, coinciding with Independence Day celebrations.
The plan, being crafted in collaboration with the State Bank of Pakistan and the Pakistan Banks Association, will provide a Rs50,000 subsidy on each electric bike or rickshaw. Individuals between the ages of 18 and 65 will be eligible to apply for the scheme.
The market price of an electric bike is expected to be around Rs250,000, with the buyer paying the remaining Rs200,000+ in installments after the subsidy is applied.
As part of this push for cleaner transport, 17 domestic companies have already been granted licenses to manufacture electric bikes. The government is aiming for a 30% conversion of all vehicles to electric by 2030.
To support the rollout, the government plans to inject Rs100 billion in subsidies over the next five years.
The breakdown includes Rs9 billion this fiscal year, Rs19 billion in 2027, Rs24 billion in 2028, Rs26 billion in 2029, and Rs23 billion in 2030.
By 2030, the government aims to have at least 2.2 million electric vehicles on Pakistani roads. The long-term roadmap sets ambitious targets—90% EV penetration by 2040, and a 100% zero-emission vehicle fleet by 2060.
Officials say the transition to electric mobility will not only curb fuel imports but also help tackle air pollution, contributing to a healthier and more sustainable environment across the country.
