Month: January 2024

Tesla plans to build new electric vehicles in mid-2025

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New-Tesla

Production of affordable EV codenamed “Redwood” starts in 2025, targeting mass market with compact crossover design Tesla has told suppliers it wants to start production of a new mass market electric vehicle codenamed “Redwood” in mid-2025, according to four people familiar with the matter, with two of them describing the model as a compact crossover. Tesla CEO Elon Musk confirmed on a post-earnings call on Wednesday that the company expects to start production of its next-generation EV at its Texas factory in the second half of 2025. That will be followed by Mexico…

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FBATI president urges further power tariff cuts

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power-gride

Hussain believes this will enhance overall investment climate, attracting both local, foreign investors KARACHI: Federal B Area Trade and Industries (FBATI), President, Syed Raza Hussain stated that the decision to reduce the power tariff by 7 cents will provide some relief to industrial consumers nationwide. He praised the caretaker government for announcing the reduction of the power tariff from 16 cents per KWh to 9 cents per KWh and urged the upcoming government to further revise down the power tariff. This, he believes, will empower industries to significantly reduce their…

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PM Kakar invites Saudi group to invest in alternative energy sector

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K-Electric

ISLAMABAD: Careta­k­er Prime Minister An­­w­a­arul Haq Kakar on Thu­rsday urged the Al-Jomaih Group of Saudi Arabia to invest in the alternative energy sector of Pakistan. Mr Kakar, in a meeting with a four-member delegation, led by the Al-Jomaih Group head Sheikh Abdulaziz Hamm­ad, said Pakistan and Saudi Arabia had brotherly ties which were getting further stronger. Al-Jomaih earlier made a huge investment in K-Electric. The prime minister said that Pakistan greatly valued the Saudi investment and welcomed its investment in the energy sector. He also lauded K-Electric’s strategy to invest…

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USAID Signs MoU With Three Firms

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New-USAID

ISLAMABAD: The United States Agency for International Development (USAID) on Monday signed a memorandum of understanding (MoU) with three Pakistani firms aimed at raising $53 million foreign direct investment within the next 9-12 months. The MoU was signed during the “Investment and Climate Summit”, organised by the USAID under its Investment Promotion Activity (IPA). The three Pakistani firms with whom the MoU was signed included Shams Power, Walee Technologies, and Al Hadeed. The MoU is set to raise $53 million FDI within the next 9-12 months. The Summit also underscored the…

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No payment of Rs20bn to 14 WPPs unwilling to amend PPAs

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wind-power

ISLAMABAD: The incumbent caretaker government has discontinued ongoing negotiations with 14 Wind Power Plants (WPPs) as they are unwilling to amend their power purchasing agreements (PPAs), negating agreements they inked with the government of the day. “The government will not pay Rs20.728 billion which was earlier earmarked for 14 WPPs but they didn’t show respect to the agreements they initialed for making way to amend their power purchase agreements. Since they have not altered the PPAs, the government will now reallocate Rs20.728 billion to clear outstanding liabilities of Government Power…

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