In Faisalabad Japanese Company to Assemble Hyundai Cars from 2019
In Faisalabad Japanese Company to Assemble Hyundai Cars from 2019. The Japanese Co. has acquired a 49% stake in it to jointly own a Floating Storage and Re-gasification Unit (FSRU). The Unit will be located at Bin-Qasim Port, Karachi.
As per new initiatives to encourage investments undertaken by the Government of Pakistan, Japanese companies are being targeted to invest in different sectors. Hyundai will invest in the production plant in 2019. Al-Haj Hyundai will introduce a bunch of new trucks, buses and light duty vehicles in Pakistan. Heavy duty truck Xcient will be assembled and sold here.
South Korean Auto brand, Hyundai, and Al-Haj group have joined hands to introduce heavy commercial vehicles (HCV) in Pakistan. With an expected investment of around Rs. 4 billion, the company initially plans to assemble trucks and luxury buses.
Chinese trucks are cheaper (at Rs. 7.8 million), Japanese are slightly expensive (at Rs. 12.6 million), while European trucks from Volvo go as high as Rs. 16.5 million. Hyundai will launch their vehicles with a price ranging between the Japanese and Chinese brands.
German truck maker, MAN SE, is also expected to set up its plant in Pakistan and other companies have also shown interest in Pakistan hinting at a much more competitive market in the coming years.