Hyundai-Nishat has officially announced the production of local assembly of car units. According to the reports, the first car will be assembled in Pakistan in January 2020.
Hyundai will first assemble a H100 Porter commercial pickup with 20% indigenization, Tatsuya Sato, Chief Operating Officer of Hyundai-Nishat shared.
This news was shared during the inauguration ceremony Hyundai’s first Digital Store in Karachi & the launch of company’s new Ioniq hybrid liftback.
Sato added that the total investment at the Faisalabad manufacturing facility is $150 million. The annual production capacity will be 15,000 units. Furthermore, the plant will employ 250 people directly. Sato also shared that the localization level would be increased to 45% in the next 5 years which would eventually open new job avenues.
One dollar was equal to Rs 105 when we initiated the project as compared to current rate of Rs 156-158. The rupee-dollar parity is also hitting existing assemblers despite achieving up to 65% localization. Higher indigenization in vehicles can stabilize on which we are focusing more.
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