One of the new prospective entrant in the automobile sector, Kia Lucky Motors Pakistan Limited (KLM) has made an announcement that it will be starting production of vehicles from September 2019.
A notification sent to the Pakistan Stock Exchange (PSX) read, “KLM targets to start production in the first quarter of financial year 2019-20,” read on Thursday.
On June 1st, 2018 Kia began the sale of imported completely built units (CBU). In certain metropolitan cities in Pakistan, the company has developed company-owned and third-party operated dealerships. Kia Lucky Motors is basically a joint venture between the Kia Motors and the Lucky Group.
The aim of the joint venture is to produce, assemble, market and distribute Kia vehicles. They will be distributed under the Kia Motors Corporation license.
KLM Chief Operating Officer Muhammad Faisal said, “KLM’s plant construction is in full swing.”
The plant is being constructed at the Bin Qasim Industrial Park (BQIP). It still requires electricity, gas and other utilities.
The COO said, “Lack of amenities may become a bottleneck, but work on our part is in full gear.”
Also the YBG is investing in the power sector. It is setting up 660-megawatt plant
According to a bourse filing “The lignite coal-based power plant is progressing well and as per project implementation schedule.”
About the profits of Lucky Cement the Topline Securities’ analyst Nabeel Khursheed said, “Lucky Cement’s earnings drop due to high cost of production and overall economic slowdown. The result was broadly in line with street consensus.”