The Japanese conglomerate Sojitz Corporation has reached an agreement with Nishat Mills Limited along with its associates and Millat Tractors Limited Company to assemble, manufacture, retail and sell Hyundai vehicles in Pakistan under Hyundai-Nishat Motor umbrella brand. The project will cost around $140 million. As per Dunya News, Sojitz along with Nishat will produce Hyundai passenger cars and 1-ton range of commercial vehicles in Pakistan.
It is to be noted here that total setup cost of Hyundai-Nishat would be around 15 billion yen. Hyundai-Nishat is already building a manufacturing plant in Faisalabad, Punjab which is scheduled to be completed by 2019.
The Japanese conglomerate, in its statement, said that political stability had boosted the economic growth of the country, which resulted in an overall 10% annual growth of the local auto industry. The companies are aiming to reach 6% market share by 2024.
Read Also: 5 cars to expect from Hyundai-Nishat Motors
Aside from Sojitz Corporation reaching an agreement with Nishat and its associates, a few days back JW Forland Automotive has inaugurated its assembly plant in Lahore, Pakistan. The new inaugurated assembly will be responsible for assembling JW Forland vehicles in the country. JW Forland in its Facebook post said,
“The moment has finally arrived. We are proud to inform everyone that our assembly plant has been inaugurated today. Our tireless team put in countless hours of hard work to ensure timely completion. Today marks a significant step in revolutionizing the automotive industry of Pakistan.”
Furthermore, the company is also aiming at creating jobs in the local market and boost the overall economy of the country.
Stay tuned for latest updates.
