As 2024 comes to a close, it is worth taking a step back and examining the vehicles that entered the Pakistani market this year. There was a notable emphasis on electric and hybrid models, reflecting a shift in consumer interest and a response from manufacturers to global trends. Buyers saw options at various price points, from more affordable EVs to models that approached the premium segment. The diversity in offerings suggests that local buyers are no longer limited to a narrow set of choices when it comes to cleaner transportation.
Below is a month-by-month overview of the major launches this year:
March 2024: Hyundai IONIQ 5
Hyundai IONIQ 5 (PKR 20.5 million)
Hyundai introduced the IONIQ 5 as an upscale electric option, carrying a price tag that places it well above many competitors. Internationally, this model is known for its long driving ranges and focus on modern engineering. In Pakistan, its high price means it appeals more to buyers looking for a distinctive vehicle and who are willing to invest in a brand that has already built some reputation in the local market. While this model may not flood the streets, we think that Hyundai wanted to show its power, like the potential of what it can offer in the Pakistani market.
June 2024: Honri Ve
Honri Ve (PKR 3.9 million)
By mid-year, Honri introduced the Ve model in June. At PKR 3.9 million, it fit into a price range accessible to upper-middle segment buyers. Although Honri might be unfamiliar to many, the presence of new names in the market indicates growing competition. More competition may encourage better features, warranties, and after-sales service as brands strive to build trust among local customers. For many buyers, the Honri Ve offered an opportunity to consider an electric vehicle that doesn’t reach the premium price bracket.
Although the car looks like a Chinese project car that you buy from Alibaba for 10-16 lacs, it’s all-electric, and Li-ion batteries are super expensive to build; that’s the reason why this dinky compact EV has a tag that is equal to Alsvin’s base variant and Cultus’s top variant.
July 2024: Gugo GIGI
Gugo GIGI (PKR 3.9 million)
Another new entrant, Gugo, launched the GIGI model in July, priced similarly to the Honri Ve. Gugo GIGI catered to those who were curious about electric options but perhaps had not yet found a model that matched their needs. Models like the GIGI added variety and showed that there is room for multiple brands to coexist in the same price category. Many buyers considered the GIGI as a second vehicle for urban commuting, given rising fuel prices and the need for more cost-effective daily transportation.
August 2024: Deepal S07, Deepal L07, and BYD Seal
August was a busy month, with multiple launches that focused on the mid to higher price brackets.
Deepal S07 (PKR 10.5 million)
Deepal L07 (PKR 10.4 million)
Deepal introduced two models, the S07 and the L07, both priced above 10 million PKR. Both variants cost 1.4-1.5 Cr, but for the quality and luxury they offer, you’ll need to spend 5-6 Crs to get the same level of luxury from a German brand like Mercedes, Porsche, and BMW. The drive, comfort, and everything in these two cars are just mind-blowing, and it doesn’t look like a 1.5 Cr EV Chinese, but a full-fledged German car that costs about 5 Cr.
BYD Seal (PKR 10.5 million)
BYD, internationally known as a Tesla killer and going to beat Honda in 2024 annual sales, also chose August for the launch of its Seal model at 10.5 million PKR. BYD’s earlier models have shown that it is capable of delivering reliable battery technology. BYD is just a trendsetter, and people know it.
Soon at the end of this December, BYD will beat Honda in annual sales + they’ve outperformed Tesla’s market share in the EV cars segment. The reason is simple: BYD has a very big setup that they can make their batteries for cheap that Tesla can’t because BYD has been making batteries since the ’80s, long before anyone could even pronounce “Tesla.” Hence, BYD has a much lower pricing than Tesla + more VFM than those petty American and German brands.
September 2024: ORA 07 and ORA 03
ORA 07 (PKR 10.75 million)
ORA 03 (PKR 9 million)
ORA entered the market with two models in September, covering two slightly different price segments. At PKR 10.75 million, the ORA 07 sat comfortably in the higher range, possibly aiming at a niche of buyers who appreciate design and quality interiors. On the other hand, the ORA 03, at PKR 9 million, was slightly more accessible. Offering two models at different price points allowed ORA to reach a wider audience. Both arrivals expanded the pool of choices for buyers who were still exploring which brand could offer them the best long-term value.
October 2024: BYD ATTO 3 and Kia EV5
BYD ATTO 3 (PKR 9 million)
In October, BYD introduced another model, the ATTO 3, this time at PKR 9 million. The ATTO 3 added to BYD’s presence in Pakistan and gave consumers a second BYD option at a different price point. With two models now available, BYD showed commitment to building its local lineup, potentially making it easier for buyers to find service centers and spare parts. For buyers, knowing that a brand is not a one-off player is an important factor when making a significant investment in a vehicle.
KIA EV5 (PKR 20.35 million)
Launched alongside the IONIQ 5, the KIA EV5 made an impression due to its relatively lower price. At PKR 2.35 million, it became one of the more accessible electric models in the country. The EV5 caters to drivers looking to transition into electric ownership without committing to a very high initial investment. Its arrival suggested that EVs could serve a broad range of consumers, not just those with a large amount to spend.
November 2024: Seres 3 CKD
Seres 3 CKD (PKR 8.3 million)
Closing out the year’s major launches was the Seres 3 in November. Priced at PKR 8.3 million, it landed in a range that many buyers might consider reasonable given the current economic scenario. The Seres 3 offered another choice to those exploring EVs around the 8 to 10 million PKR bracket. Its launch also suggested that the market was not slowing down. Instead, manufacturers were continuing to see potential, even late in the year. Now, this Chinese EV costs almost the same as the base variant Honda Civic, but the build is much better than the Civic + it’s an all-EV and follows all the architecture of a modern EV car.
