Hyundai Nishat is gearing up to start production of vehicle lineup in Pakistan by the end of this year. The commercial production of Pakistani assembled Hyundai cars will commence from state of the art plant at Faisalabad.
The founder and CEO of Nishat Group, Mian Mansha, revealed the future prospects of the auto manufacturer while talking to a local publication. After the inauguration of the assembly plant, Hyundai-Nishat venture will roll out 7,000 cars in Pakistan in its first year of production. “We have plans to increase our production to 30,000 cars in the forthcoming five years,” said Mian Mansha.
More News brought you the news of Hyundai testing its hybrid cars on Pakistani roads and that the cars are being parked at Nishat group-owned Emporium Mall. Mian Mansha has confirmed the news and announced the company’s plans to start selling hybrid vehicles within next two months.
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Hyundai Nishat is a strategic joint venture between Pakistan’s leading industrial conglomerate Nishat Group, Japan’s trading house Sojitz Corporation and the largest tractor manufacturing company of the country Millat Tractors Limited.
Earlier, MIGA, a member of the World Bank Group issued guarantees worth US$66 million in support of the design, construction and operation of the Hyundai Nishat Motor vehicle assembly plant in M3 Industrial City, Faisalabad.
Another South-Korean auto manufacturer, KIA Motors has also announced that the company will commence the commercial production of its vehicle lineup in Pakistan by September this year. With the inception of new auto manufacturers in the auto industry, Pakistani consumers will be having featured packed, and value for money cars as there will be increased competition.