ISLAMABAD – KIA Lucky Motors and Ministry of Industries & Production has signed an agreement for the production of light commercial and passenger vehicles.
According to the details, the Korean auto-manufacturing company in a joint venture with Pakistan-based Lucky Cement will invest $115 million for setting up an automobile assembly plant in Sindh’s capital Karachi. KIA will produce a wide range of commercial and passenger vehicles under Automotive Development Policy 2016-2021.
Media reports further said that this week Pakistani auto sector is taking a big leap with Hyundai plant inauguration in Faisalabad on Monday. The new auto policy announced last year is finally bringing fruits to the Pakistani consumers.
The Korean auto giant, KIA Motors, is a favourite brand in GCC, US and European markets.
The new automobile policy is attractive for new automaker participants in Pakistan’s growing car market.
The news of new entrants Nissan-Renault, Hyundai and Chinese FAW along with KIA will provide more options to Pakistanis who so far, are relying on three available local assemblers -Toyota, Suzuki and Honda.
The lowest in the region, domestic car penetration of 13 vehicles per thousand persons is also offering an open plain field for the new auto manufacturers.