The next month shall surely see the resumption for the production of cars by the Dewan Farooque Motors Limited as it has applied for the same which shall bring about the division of the market share previously covered by three dominants when the Dewan share rose by 3.95% on Wednesday and closed at Rs 19.21 while 7.5 million shares were exchanged all the while.
It was then that the Engineering Development Board (EDB) said that the Auto policy was surely giving fruits now as it had announced incentives for many closed units in it and that Dewan is on its way now to produce Daehan, Ssang Yong and Kia vehicles as the application has been received by the Board of Investment too.
The Dewan Company had denied that the 1005 change over the past five months had nothing to do with investor’s interests in the shares when the rumors for the resumption came up. The production plan shall start with the re-launch of the Shehzore 1 ton single rear wheel truck besides the Hyundai Powertrain truck in September 2016 while October shall witness the Shehzore 1-ton truck later too. This shall also be followed by the 1.5 ton variant of the same and a 1600 cc SUV in collaboration with China in 2017 though passenger cars, lightweight vehicles and SUVs with Kia’s collaboration are also lined up for the next three years.
An agreement with the Sssang Yong Motor which is the 4th largest auto manufacturer in South Korea has also been finalized while separated advanced stage negotiations with the Kia Motors have also been seen. The EDB is also reviewing the application and is soon about to give approval for the same