Pakistan will get its first of the European car!
Lucky Motors Ltd (LML) Pakistan and Groupe PSA of France signs an
memorandum of understanding (MoU). In which Peugeot cars in Pakistan to be assembled by Lucky Motors.
In the MoU, Lucky motors will assemble, manufacture, market, distribute and sell Peugeot cars and commercial vehicles in Pakistan. It is planned to assemble Peugeot vehicles at Lucky Motors manufacturing plant at Bin Qasim Industrial Park where Kia cars are already lined up for production.
Lucky Motors Limited is a Younus Brothers Group’s company which is all set to bring in Korean cars from the brand of KIA.
Groupe PSA is a French multinational manufacturer of automobiles, includes the brands Peugeot, Citroën, DS, Opel and Vauxhall. Where as
Peugeot is the largest PSA brand in Europe .
CEO Lucky Motors Limited Asif Rizvi said the development with Groupe PSA will bring a paradigm change in Pakistan by introducing locally made European cars. We have applied to the Board of Investment (BoI) for category A greenfield investment status under the Auto Development Policy (ADP) 2016-21.”
He also said necessary definitive agreements with PSA are expected to be executed within the next two months.
“Initially we have decided to assemble Peugeot cars which will be the first European car to arrive in the CKD category in the country. The new project involves an investment of about $15 million in jigs and fixtures and facility since the LML plant will be used for assembly of the European cars,”
This looks very promising as Pakistan just faced uncertainty on of $165 million Al Futtiam-Renault project.
The ADP 2016-2021 so far has attracted investment of more than $1.3 billion from foreign investors. The plants will be started soon an Pakistan Automotive industry will face competition breaking the monopoly of big three Suzuki, Toyota and Honda.