By Muhammad Luqman
Without getting unnerved by the present situation in Pakistan’s auto sector, Hyundai Nishat Motors is planning to launch three passenger cars by June 2021, according to media reports.
The automaker has also recently unveiled its first 2600 cc light commercial vehicle (LCV) in the local market named as Porter H-100.
Until now, Hyundai has launched three vehicles other than Porter H100 in the local market, i.e. Santa Fe, Grand Starex, and Ioniq.
Hyundai Nishat Motors is looking ahead to implement its long term plans rather than worrying about the current situation of declined sales in the country.
Hyundai re-entered the auto industry of Pakistan two years ago, as a result of collaboration with Nishat Group. The company was awarded Greenfield status under the Auto Development Policy (ADP) 2016-21, after which it established its production plant for the local production of vehicles in the country.
The company is yet to launch a budget car as KIA did a few months ago in the shape of the 1000 cc Picanto hatchback, according to Pakwheels.com report.
Hyundai Nishat had initially invested $150 million in its production plant constructed in Faisalabad that has a capacity of producing 15,000 units annually. The automaker intends to invest an additional $230 million to enhance the company’s production capacity to 30,000 units per annum by the year 2023.
The company availed the tax-based incentives offered by the Auto Development Policy (ADP) 2016-21 for such a hefty investment in the country after so many years
