The South Korean leading automaker Hyundai is planning to launch hybrid and electric cards in Pakistan, revealed by Hyundai partner in Pakistan, Nishat Group Owner, Mina Mansha. Mian Mansha will invest almost $120 million in the project of launching Hyundai vehicles in Pakistan.
Talking to the media about this giant investment, Mian Mansha said, “The (South) Korean carmaker wants first to start the assembly of small cars that could compete with the existing (Japanese) assemblers already operating in this market. We are discussing with them… trying to convince them also to bring electric and hybrid cars. I see (that) the future is in electric cars. We could import these cars in the beginning and later also start assembling them locally.”
The assembly plant will be established in Faisalabad and land for this purpose has already been acquired by the Nishat Group of Companies. After the launch of an assembly plant in Faisalabad, 42% stake will be held by Nishat Group, followed by Millat Tractors with an 18% stake. Moreover, 10% of the stake will be held by a Japanese market and rest will be traded in the stock market.
Hyundai is among those four automakers that are planning to enter in Pakistan in the ongoing year. The foreign investment in Pakistani automobile industry is increasing after the introduction of Auto Industry Development Policy 2016.
After the Hyundai, Kia, Renault and Audi are on the list to enter in Pakistan. According to financial analyst, “Hyundai and Kia have been to Pakistan before they had to wrap up business in the late 2000s after global recession hit the world and Pakistan, triggering an economic slowdown. The positive thing about their comeback plans is that they are partnering with reputable local business groups with deep pockets. This shows their resolve to stay in this market for a long time “The positive thing about their comeback plans is that they are partnering with reputable local business groups with deep pockets. This shows their resolve to stay in this market for a long time.”
