Pakistan can achieve substantial savings due to policies favouring Hybrid Electric Vehicles (HEVs). The country can save approximately $779 million per annum if 40 percent of vehicles are converted into Hybrid Electric Vehicles (HEVs).
Around 19 percent of total imports by Pakistan are petroleum products and it is the largest sector that consumes huge foreign exchange.
According to an estimate, Pakistan imports $4.6 billion worth of petrol and diesel and $3.2 billion worth of crude oil for refineries.
It is expected that in the financial year 2022 the imports will cross $15 billion due to a rise in fuel prices and fuel consumption is a very important factor in EVs against HEVs.
“Hybrids remain the most feasible technology as it offers the best of both worlds. HEVs deliver best in class fuel efficiency of up to 25 kmpl with CO2 emissions of just 98 gms per km,” said Ali Asghar Jamali, CEO of Indus Motor Company.
He added that HEVs are much more affordable technology for Pakistan as it costs at least 30 percent less than BEVs and for these reasons, there is much higher acceptability of HEVs against BEVs globally.
Recently, Toyota only has sold over 16 million HEVs globally which makes it a proven technology globally and this is the reason Bloomberg predicts a higher share of HEVs against BEVs to continue till 2030.
It is pertinent to mention here that Hybrid cars are powered by two engines (one petrol, one electric), and both works with each other to spin the wheels which leads to lesser petrol being burned and therefore better fuel efficiency.
Jamali said that there are three main reasons for which the automotive manufacturers are developing and selling HEVs: Reduction of the CO2 emissions (by reduction of the fuel consumption); reduction of the exhaust gas toxic emissions; and improvement of the powertrain dynamics (by increasing total power and torque).
He added that diversified policy alternatives will help both the government and policymakers if the auto industry is allowed to ascertain the best course of action for the country.