A joint venture of International conglomerate Nishat Group with Hyundai will start vehicle production in Pakistan by end of the year 2019 said Mian Mansha chief executive officer of Nishat Group.
While talking to a local media outlet, Mansha also said that the manufacturing plant is under construction as of now and will be completed in next couple of months.
The partnership between two brands is under the name of Hyundai Nishat Motor Private Limited (HNMPL), which has been awarded Greenfield investment project status.
For reference, the Greenfield project is defined as “installation of new and independent automotive assembly and manufacturing facilities by an investor for the production of vehicles of making not already being manufactured in Pakistan”. ‘Make’ is defined as any vehicle of whatever variant produced by the same manufacturer.
Additionally, Mansha also added, in the initial phase, up to 7,000 vehicles will be produced and the production capacity will increase to 30,000 in the next five years.
The business tycoon asserted that the company has also imported a number of Hyundai hybrid vehicles in Pakistan for testing purposes. The hybrid vehicles will be up for sale in the next two months or so.
Mansha lastly claimed that he is planning on introducing hydrogen-powered vehicles in Pakistan through the partnership as well.