Many international auto brands are coming to Pakistan. South Korean auto companies Hyundai & Kia have partnered with local Pakistan firms to set up a manufacturing plant in Pakistan.
Other than these two, Volkswagen has hinted an entry in Pakistan Market. Renault, on the other hand, has partnered up with UAE’s Al-Futtaim to manufacture plant in the country.
Read more: Renault is coming to Pakistan
As per reports and rumors, Chinese auto companies are also interested to start operations in Pakistan.
Now on one side, this is a good news for Pakistan auto industry, on the other side, it means that the already established auto companies in Pakistan need to be prepared for the competition. Currently, the three companies that are leading the auto industry in Pakistan are Suzuki, Honda, and Toyota.
Our of the three Toyota is gearing up to face the expected competition heads on. Toyota is expanding its existing plants by investing almost $40 million. The money will be used to increase car production. 10,000 units per annum will be increased by Toyota.
Hiroyuki Fukui, Toyota Motor Corporation’s chief executive officer for Asia, Middle East, and North African region said,“We expect strong competition from the new (Korean) carmakers setting up their assembly plants. We are preparing our strategy for Pakistan because it is a very important and growing market for us. We plan to launch smaller cars on the market as well but we cannot disclose our plans yet.”
The future of Pakistan auto industry appears to be promising. We can expect many international auto brands in Pakistan by 2018. Also, to compete with brands entering in Pakistan, the already established auto companies will bring up their A game.