116,000 electric bikes to be offered on two-year installments

F.P. Report

ISLAMABAD: The federal government has decided to provide 116,000 electric bikes on easy 2-year installment plans, aiming to boost the use of electric vehicles (EVs) in the country.

According to official sources, the installment and subsidy scheme for e-bikes is in its final stages of preparation. Prime Minister Shehbaz Sharif is expected to unveil the new EV policy on Independence Day (August 14).

The scheme is being jointly designed by the State Bank of Pakistan and the Banking Association. It will offer a subsidy of Rs50,000 per e-bike or rickshaw. Citizens aged 18 to 65 years will be eligible to apply.

The estimated price of each electric bike will be Rs250,000, with buyers required to pay the remaining Rs200,000+ in monthly installments after deducting the subsidy.

So far, 17 local companies have secured licenses to manufacture e-bikes. The government has set an ambitious target to convert 30 per cent of all vehicles to electric by 2030.

To make the plan work, the government will pump Rs100 billion in subsidies over five years. This includes Rs9 billion for the current fiscal year, followed by Rs19 billion in 2027, Rs24 billion in 2028, Rs26 billion in 2029, and Rs23 billion in 2030.

By 2030, the goal is to have at least 2.2 million electric vehicles on the roads. The EV policy sets a broader aim of 90 per cent EVs by 2040, with a 100 percent zero-emission vehicle fleet by 2060.