KARACHI: Hyundai Nishat Motors Private Ltd (HNMPL) – a joint venture company between Nishat Group, Sojitz Corporation (Japan) and Millat Tractors Limited – on Wednesday announced to start local assembly of Hyundai H-100 cabover truck from January, 2020, with 20 percent level of localisation.
HNMPL also unveiled its ‘Hyundai Ioniq Hybrid car’ while inaugurating its digital showroom at the Emerald Tower in Karachi.
The digital showroom has been developed under the ‘city store’ concept, supplementing traditional showrooms with a convenient, fully digitalised retail experience.
HNMPL Chief Operating Officer (COO) Tatsuya Sato said the total investment at the Faisalabad manufacturing facility is $150 million with an annual production capacity of up to 15,000 units. The plant will employ 250 people directly.
Mr Sato said that he compared Pakistan to what Indonesia used to be when it had great potential for the industry.
“Pakistan’s population, age-group (youth) and their passion for cars attracted us to come to this country,” Mr Sato told the media.
He said that Hyundai, as per its international vision, would also start electrification of its cars as soon as the environment is conducive. He urged the government to encourage the use of electric cars and ensure availability of electric stations.
Responding to the uncertain rupee-dollar parity, he recalled that it has changed the project feasibility. “One dollar was equal to Rs105 when we initiated the project as compared to current rate of Rs156-158 […] the rupee-dollar parity is also hitting existing assemblers despite achieving 65 per cent localization […] higher indigenisation in vehicles can stabilise on which we are focusing more.”
HNMPL is a joint venture with an investment of $150 million – 60pc coming from Pakistan partners and the remaining 40pc from the Japanese partner and is partnering with Hyundai Motor Company (Korea) to become a leading manufacturer, marketer and distributor of automobiles in the country.
All these models are imported from Korea and provide coverage for four years or 100,000km, whichever comes first.