International automaker to setup huge plant in Pakistan

International automaker to setup huge plant in Pakistan
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FAISALABAD – Hyundai Nishat Motor has announced to launch its locally assembled vehicles by March 2020.

South Korean auto manufacturer Hyundai , which is setting up a plant in Faisalabad spread across 66 acres, is partnering with local firm Nishat Group to venture into Pakistan’s increasing but Japanese-dominated auto sector.

According to the company’s operational plans that it shared with Faisalabad Industrial Estate Development and Management Company.

Faisalabad Industrial Estate Development and Management Company (FIEDMC), is overseeing the industrial zone where Hyundai’s plant is being set up.

Chief Operating Officer (COO) FIEDMC, Aamir Saleemi confirmed that Hyundai is ready to launch its vehicles by March 2020.

“The Japanese-dominated industry is set to see a transformation. Hyundai cars will roll out in March 2020. The company plans to produce 7,000 units in its first year,” said Aamir Saleemi.

The company has invested $150 million in Pakistan. Saleemi revealed that Hyundai will introduce new technology to produce fuel-efficient vehicles in Pakistan. Hybrid electric cars are not just fuel efficient, they are also eco-friendly. If they are introduced in Pakistan it will be amazing for the auto sector of the country.

The auto development policy 2016-21 has encouraged foreign automakers to set up their manufacturing business in Pakistan.

Recently another South Korean automaker Kia with collaboration with Lucky Cement had launched Kia K2700 and Grand Carnival and is planning to bring more vehicles from its lineup.

Economy