Pakistan Launches New Brand of Car
Prime Minister Shaukat Aziz on Monday presided over the launch Monday of a new brand of economy car, designed and assembled in Pakistan but powered by a Chinese-made engine.
The 800 cc Revo is being assembled at a plant in the southern city of Karachi owned by Pakistani private automaker Adam Motors. The company plans to make 5,000 of them a year. The engines will be built by China's Wuling Engineering Company.
The five-door car will cost about 300,000 rupees (US$5,000; euro3,855). The first models are expected to go on sale in June.
Speaking at the Karachi plant, Aziz said Pakistan is expected to produce 141,000 cars this year as compared to only 30,000 a couple of years ago.
Several Japanese automakers like Toyota, Suzuki and Honda assemble their vehicles in Pakistan here but the demand for cars is growing faster than supply, Aziz said.
Aziz said the motor industry in Pakistan generated a revenue of 51 billion rupees (US$851 million, euro655 million) in 2003-2004, compared to 15 billion rupees (US$ 252 million; euro194 million) the year before.
Demand for cars in Pakistan has grown as incomes have risen amid an economic revival and banks have made it easier for car-buyers to get loans.
Aziz said annual economic growth this fiscal year ending in June would top 7 percent.