Nishat Group is unsure about producing Hyundai cars with 800cc or 1,000cc engine category. According to Norez Abdullah, Chief Financial Officer of Hyundai Nishat Motor Limited, the company is conducting consumer surveys to make the decision.
While talking to The Express Tribune, Norez revealed that they plan to produce fuel-efficient engines with price competitiveness to make their mark in the market.
Mian Mansha, Chairman of Nishat Group has already revealed the company’s desire to introduce hybrid and electric cars in Pakistan. Norez states that infrastructure for the new technology is very expensive and at the moment, both partners are conducting a feasibility study to assess the scope of hybrid electric cars in the country.
Nishat Group wants to introduce the Hyundai Ioniq in Pakistan as it sees an expanding market for hybrid electric cars. Earlier this year, Nishat Group joined hands with Hyundai Motors to set up a greenfield project for assembly and sales of HMC passenger and 1-ton range commercial vehicles in Pakistan.
Apparently, the conglomerate made up its mind in 2012 to enter the automotive sector but the lack of incentives for the fresh faces kept it from making an investment. But thanks, to the Automotive Development Policy (ADP) 2016-21, the company is setting up local manufacturing of the South Korean auto giant.
Previously, Millat tractors also jumped the wagon and joined the Greenfield project for the 18% stake in the new company. The South Korea’s auto company Hyundai also recently joined hands with Al-Haj group to assemble various top of the line trucks and luxury buses.