hyundai pakistan
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Sojitz Corporation has announced a collaboration with Hyundai Nishat Motor Private Limited (HNMPL). This means that the company has been granted the approval to assemble and manufacture Hyundai vehicles within the country.

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Plans of establishing an assembly plant in December 2019 in Faisalabad is currently in the pipeline for the brand. The project is estimated to cost around $140mn.

On the other hand, sales of the vehicles will be carried out through distributor-owned dealers and franchise dealers, with the goal of reaching 6% market share by 2024.

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The joint venture will produce HMC passenger cars and 1-ton range of commercial vehicles in Pakistan. Finding potential in the opportunity to experiment and profit from the sector, the Japanese conglomerate joined hands with HNMPL.

According to a local website, Pakistan’s automotive sector has an annual growth rate of over 10%, with numbers still on the rise. Sojitz Corporation currently holds a 40% stake in this new venture, with Millat Tractors owning 18%, Nishat Mills 12% and other associate companies holding 10% each.

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