Jiddat Web Desk ::. Now Hyundai Nishat Motor (Private) Limited is ready to begin local production of cars in Jan 2020, as revealed by the Chief Operating Officer (COO) of the company.The South Korean automotive giant Hyundai has collaborated with Nishat Group Companies to enter the Pakistani market.
Hyundai Nishat Motor Private Limited is a joint project between Nishat Group Companies and Japan M/S, Sojitz Corporation. The joint collaboration has launched SUV Santa Fe and an MPV Grand Starex in Pakistan. And then just yesterday Hyundai Nishat has launched its third car in Pakistan, 1.6-litre Ioniq Hybrid.
It is available at a price of Rs.6.399 million in the country. However, all these cars are not locally manufactured in Pakistan. They are CBU units that have been directly imported from Korea.
But now as per the Chief Operating Officer (COO) Tatsuya Sato, the local production of Hyundai cars will begin in Pakistan on January 2020. The manufacturing plant of the company is set up in Faisalabad, spread over 67 acres area. It has a production capacity of 15,000 units annually.
Initially the company will manufacture light commercial vehicles with 20% local parts. Then in the first 5 years, the parts localization percentage will be raised to 45%.