Nishat Group plans to introduce Electric and Hybrid Cars under its partnership with Hyundai Motors Company.
Recently, Nishat Group announced that it is moving into the auto industry through setting up a greenfield project for assembly and sales of Hyundai passenger and 1-ton range commercial vehicles in Pakistan.
Chairman of Nishat Group, Mian Mansha told Dawn that Hyundai wants to start off with the assembly of small cars, capable of competing with the existing Japanese assemblers in the market.
He revealed that Nishat Group is trying to convince them to bring electric and hybrid cars in Pakistan. The company could import in the initial phase and can move on to assembling them locally in the country.
The greenfield project will be set up in an industrial zone near Faisalabad, where Mr. Mansha will be investing around $120 million. Nishat Group has already acquired the land for the said purpose.
Previously Millat Tractors also announced their willingness to explore the option of joining the upcoming joint venture between Hyundai Motor Company and Nishat Mills Limited for the production of passenger cars and light trucks.
According to reports, Nishat Group will be a 42 percent stakeholder in the new company with Millat Tractors whereas a Japanese firm will hold 10 percent of stake. The rest of the stakes will be available in the country’s stock market.
Source: Dawn News