Hybrid and Electric Cars Are Launches in Pakistan

Hyundai is the motor car manufacturing company, which is now going to set up the assembly plant in Pakistan after making the partnership with Nishat Mills Limited.
The owner of the mills, Mian Mansha has revealed that South Korean company is making plan to introduce the electric and hybrid vehicles in Pakistan.
The carmaker company of South Korea wants to start the assembly of the small cars and it can compete with the existing Japanese assemblers, which are already operating in this market. They are trying to convince him to bring the electric and hybrid cars in the market. He further added that the future is in the electric cars. They can import the cars initially and after that they will start assembling the cars locally.
Mian Mansha Investing $120 Million
Mr Mansha invested the huge amount of $120 million in the project of assembling the cars in Pakistan. They bought the land for this huge project and this land will be located in the industrial zone near Faisalabad.
He has done the ownership of the new assembly plant, Nishat Group will have stake of 42% followed by the Millat Tractors with the stake of 18%. The Japanese company will have 10% stake and the remainder will be invested in the stock market.
Hyundai is one of the company, which are looking to enter into Pakistan by following Auto Industry Development Policy 2016 and it offers incentives to the foreign car companies.
Kia and Renault Coming Soon
There is another South Korean car manufacturing company, Kia, which has made the partnership with Lucky Cement. Younus Group, which is the biggest business conglomerates of Pakistan and this group owns Lucky Cement and they will also set up the car assembly plant in Karachi.
French Car Manufacturing company, Renault is making the plan to invest $100 million in Gandhara Nissan Plant in Pakistan.
Here to Stay
The financial analyst says that Kia and Hyundai had been in Pakistan before they close their business in late 2000s when the global recession hit Pakistan and other countries of the world and it triggered the economic slowdown. There are positive comeback plans and they are making partnerships with reputable local business groups and they showed their resolve to stay in the market for a long time. It is hoped that we will see new models of car from Hyundai in near future.