South Korean car manufacturer Hyundai is set to re-enter Pakistan’s car market under the name of Hyundai Nishat Motor Private Limited (HNMPL).
The project is being setup as a joint venture of Pakistan’s Nishat Group of companies and one of Japan’s leading trading company, Sojitz Corporation.
Mian Mansha, the CEO of Nishat Group, has said in a statement that HNMPL will roll out its cars at the end of 2019 or at the beginning of 2020; he added the plant is under construction and it will be completed in the next few months.
HNMPL is setting up a car assembly plant for Hyundai brand vehicles including cars and light commercial vehicles in M3 industrial city, Faisalabad with the production capacity of 7,000 vehicles.
He also said that the HNMPL had imported some Hyundai hybrid vehicles in Pakistan for a test run and the vehicles will be available for sale in the next two months.
He said that the production capacity at the car assembly plant will be increased to 30,000 units in the next five years, and the company might also introduce hydrogen-powered vehicles in Pakistan.
Along with HNMPL, KIA Lucky Motors Pakistan Limited (KLPM) also announced that the production of their vehicles will begin in September 2019.
Renault and Volkswagen also announced their entry into Pakistan’s car market.
The German car manufacturer Volkswagen has signed an agreement with Pakistan Premier Motors Limited (PML). They will start vehicle production in late 2020.
The French car manufacturer Renault will start vehicle production in Pakistan in 2020. The Al-Futtaim Group, one of the biggest companies of the United Arab Emirates (UAE), has started this project in partnership with French car manufacturer Renault Automotive.
They are setting up an automobile assembly plant in the Faisalabad Industrial Estate Development and Management Company (FIEDMC).
After years of being stuck with just three options (Toyota, Honda, Suzuki), consumers in Pakistan will finally have a larger variety to choose from once all the aforementioned car manufacturers enter the market.