Hyundai Nishat Motors is planning to launch three passenger vehicles including an SUV by June 2021.
Hyundai Nishat Motors is not concerned about the current situation of auto sales and has decided to implement its long term plans.
As a result of its collaboration with Nishat Group, Hyundai has reentered the auto industry of Pakistan two years ago.
A Greenfield status was granted to the company under the Auto Development Policy (ADP) 2016-21. Following this, the company established its production plant to locally produce vehicles in Pakistan.
Also, recently Hyundai Nishat revealed its first 2600 cc light commercial vehicle (LCV) in the local market named Porter H-100.
Till now Hyundai introduced three vehicles other than Porter H100 in the local market. These are Santa Fe, Grand Starex, and Ioniq.
The company has till now not launched an affordable budget car as Kia did in form of 1000 cc Picanto hatchback.
Also read: Hyundai Sonata Seen in Lahore
Initially, Hyundai Nishat invested $150 million to construct its plant in Faisalabad. It has the capacity to produce 15,000 units per year.
The company will invest $230m additional to enhance the production capacity of the company to 30,000 units per annum by 2023.
The Auto Development Policy (ADP) 2016-21 offered the tax-based incentives that were availed by the company for such a hefty investment in Pakistan after years. However, on the flip side, the current auto production and sales situation in the country is quite disappointing, to say the least.
Earlier, the Hyundai Ioniq Hybrid car was launched in Pakistan by Hyundai Nishat Motor (Private) Limited. The price of the car is PKR 6.4 million.