Hyundai Cars partnered with Nishat Motor is planning to launch its locally assembled vehicles by the March of 2020, according to the company’s operational plans, it shared with Faisalabad Industrial Estate Development and Management Company.
Hyundai Nishat has gained 66 acres in Faisalabad Industrial Zone where it is constructing its assembly plant.
Faisalabad Industrial Estate Development and Management Company, or FIEDMC, is overseeing the industrial zone where Hyundai’s plant is being set up. Talking to a local media, COO FIEDMC Aamir Saleemi said, “The company plans to produce 7,000 units in its first year.”
Hyundai cars have already invested $150 million, and this comes as a welcome sign for Pakistan that struggles to attract foreign direct investment (FDI). The amount stood at a paltry $2.76 billion in FY18, less than 1% of GDP.
Saleemi said the company will bring new technology that would focus on fuel-efficient cars, aiming to break the stronghold of the Japanese brands. The incentives and concessions offered under the auto policy have created a favorable environment for the manufacturers.
Three automobile giants(Toyota, Honda, and Suzuki) has dominated the market for decades now giving us expensive cars with little features compared to their international models. This monopoly might be changing soon, but you have to wait for a couple of years.
Many companies are planning to open in Pakistan including Kia, Renault Hyundai, and a few others Chinese, but till now most progress has been seen to be made by Hyundai.
The plant will initially produce 7000 vehicles in 2020 and is expected to reach up to the production of 30,000 vehicles by 2030.
Hyundai cars were in Pakistan with Dewan Motors last time, but they had to roll back as Dewan Motors indulged in financial problems. However, Hyundai was a popular company, selling on an average of 7,000 units annually between 2004 and 2006 with vehicles like Shehzore and Santro on their credit.
Which cars do you want Hyundai to assemble in Pakistan? Do tell us in the comment section. Drive safe, take proper care of your car and follow the traffic rules. Don’t forget to get a driving license before hopping behind the wheel.