Back in 2017, Hyundai and Nishat began a joint venture together to release cars into the Japanese dominated Pakistani market. The company intends to release two new cars this week!
The cars being released are:
- Santa Fe – a fully equipped sports utility vehicle (SUV). An example of an SUV currently used in Pakistan is the Honda Vezel.
- Grand Starex – which is a light commercial vehicle that accommodates up to 12 people.
Hyundai, partnered with the local conglomerate (Nishat) to saturate the car industry in Pakistan by bringing in 800 cc vehicles, however, profit margins for these types of cars were very low, therefore, the idea was abandoned. In 2008, Hyundai stopped operating in Pakistan. Nevertheless, under the new Automotive Policy 2016-2021, Hyundai grasped the opportunity to break into the growing market of commercial and non-commercial vehicles in Pakistan.
Hyundai is setting up its 66-acre manufacturing plant in Faisalabad. The joint venture between the two corporate entities is known Hyundai Nishat Motor Private Limited (HNMPL). More explanation of this venture can be read here.
Click here to read more about the Hyundai-Nishat joint venture.