Hyundai Nishat Motor Private Limited (“HNMPL”) is a green-field investment which will set up a car assembly plant for Hyundai brand vehicles including cars and light commercial vehicles in M3 Industrial City, Faisalabad. Hyundai Nishat Motor will also establish nationwide distribution network of sales and after-sales services.
The project is being set up as a joint venture between Nishat Group Companies and one of the leading trading and investment houses of Japan M/S, Sojitz Corporation. This multi-million dollar project cost is going to attract a sizeable portion of its equity from foreign channels.
Hyundai Motor Company from South Korea will be the technology partner in the Project. Hyundai is one the leading car manufacturers and amongst the fastest growing auto brand in the recent history.. The Company together with its associates, is now the 5th largest auto manufacturer in the world. Hyundai manufactures a wide range of products from compact cars to heavy commercial vehicles. Its manufacturing plants are located in 11 countries and its vehicles are sold in 193 countries globally. Hyundai also has the honor to operate the world’s largest integrated manufacturing plant in Ulsan, South Korea with an annual production capacity of 1.6 million units.
This state-of-the-art assembly plant has been designed to deliver the best-in-class hi-tech Hyundai vehicles to Pakistani consumers. The promise will be delivered by installing contemporary hardware, software, and skills enhancement programs to develop quality workforce with the help of technology principals. The project is expected to spur significant economic activity through the creation of thousands of jobs and import substitution. The project intends to localize substantial number of automotive parts with the support of local vendor industry which will also benefit from the latest Korean technology.
This project is going to be a major breakthrough for the Automotive Sector. It is a manifestation of the success of the New Entrants incentive envisaged in the Automotive Development Policy of 2016. The timeline for the completion of this project is 2 years. The plant has been designed to achieve an annual production capacity of up to 30,000 units per annum.
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