South Korea’s Automotive giant Kia Motor Corporation will start assembling cars in Pakistan, according to a local partner Lucky Cement (a subsidiary company of Yunus Brothers Group). As per official statement submitted by Lucky Cement to Pakistan Stock Exchange, the company is planning to invest PKR 12 billion in this venture.
The Karachi listed company, Lucky Cement revealed that it plans to enter automotive manufacturing and assembling industry in collaboration with Kia Motor Corporation. The schematics and exact details of this joint venture are yet to be released publicly, which will also reveal how much Kia is planning to invest in Pakistan.
Read More: Audi Intrested to Invest in Pakistan
The interesting thing here is that Kia cars had been manufactured in Pakistan quite a while back, but disappointing sales led to the closure of this process. It is also being reported that this new venture will market, sell (besides import and export) all types of Kia vehicles, parts and accessories.
It is worth mentioning that last month witnessed the approval of investment from French car maker Renault and a possible investment from German car maker Audi in the country. Kia’s re-entry into Pakistan will boost government’s efforts and good policy making.
Read More: Renault Ready to Start Manufacturing Cars in Pakistan
Let’s not forget that all of these auto manufacturers are interested in investing because of growing economic conditions, improving living style and security situation in the country. However, the issue of developing and upholding a long-term policy is yet to be solved. Toyota Indus’s next CEO Mr. Ali Asghar Jamali also expressed his concerns lately over the lack of a long-term policy.
Pakistan with a population of nearly 200 million people is a potentially huge market, and with its improving security and economic conditions, there has been a constant spike in the country’s automobile industry. More than 180,000 cars were sold during 2014-15 fiscal year.
(This post was originally published on The Express Tribune)
Kia’s and Hyundai are best suited for the middle class of Pakistan with the required bang for the buck. They should start immediately as there is a huge gap and requirement in the market for these cars.
If the Lucky Cement group is involved….its going to be big!! These guys are good and thorough professionals….no no I did not get paid by them. I am just checking out the growth of the Group in the stock exchange and their cement business in general.
lucky cement professionals? Will they put cement and bajri in their cars lol?
But their cement facility is top class. So it might reflect in the latest venture of theirs 🙂
haha… lol… nothing to expect.. do not waste your time.. buy suzuki/honda/toyota the master class cars….
Wonderful news. Kia- Hyundai has exceptional reliability and value for money.
pata nai kab karenge launch.. madarchod dunya mars pe janay ka soch rai aur Pakistaniyo ko truck ki batti ke peche lagaya hua
He meant business professionals. If you have business sense and skills, cement, bajri, and mechanicals are not an issue.
Kia spectra was an awesome product, hopefully this time they invest on good marketing and availability of spares. Don’t know how they are going to handle this, but only things that makes me happy is, this old trio (Suzuki, Toyota and Honda) seems to be correcting soon if things keep moving this way. Ultimately the masses i.e. consumers will benefit instead of this dang trio!
ICI pakistan is owned by them
حوصلہ رکھو سعد مسعود، اگر کیا نہ بھی آئی تو چین کا کچرا ضرور پاکستانیوں کو “سستے داموں” بازار میں ملے گا
Lolzzz
You are a just fuck.