Locally assembled Hyundai vehicles to hit Pakistani roads by 2020

02:38 PM | 23 Jul, 2018
Locally assembled Hyundai vehicles to hit Pakistani roads by 2020
FAISALABAD – Hyundai Nishat Motor has announced to launch its locally assembled vehicles by March 2020.

South Korean auto manufacturer Hyundai, which is setting up a plant in Faisalabad spread across 66 acres, is partnering with local firm Nishat Group to venture into Pakistan’s increasing but Japanese-dominated auto sector.

According to the company’s operational plans that it shared with Faisalabad Industrial Estate Development and Management Company.

Faisalabad Industrial Estate Development and Management Company (FIEDMC), is overseeing the industrial zone where Hyundai’s plant is being set up.

Chief Operating Officer (COO) FIEDMC, Aamir Saleemi confirmed that Hyundai is ready to launch its vehicles by March 2020.

“The Japanese-dominated industry is set to see a transformation. Hyundai cars will roll out in March 2020. The company plans to produce 7,000 units in its first year,” said Aamir Saleemi.

The company has invested $150 million in Pakistan. Saleemi revealed that Hyundai will introduce new technology to produce fuel-efficient vehicles in Pakistan. Hybrid electric cars are not just fuel efficient, they are also eco-friendly. If they are introduced in Pakistan it will be amazing for the auto sector of the country.

The auto development policy 2016-21 has encouraged foreign automakers to set up their manufacturing business in Pakistan.

Recently another South Korean automaker Kia with collaboration with Lucky Cement had launched Kia K2700 and Grand Carnival and is planning to bring more vehicles from its lineup.

French automaker Renault is another company that is actively working to launch its cars in Pakistan.

The writer is a member of the staff. He can be accessed on Twitter @iamnozair


Pakistani rupee exchange rate against US dollar, Euro, Pound and Riyal - 22 February 2024

Pakistani rupee remains stable against US dollar and other currencies in the open market on February 22, 2024 (Thursday)

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.6 for buying and 282.4 for selling.

Euro comes down to 300.2 for buying and 303.2 for selling while British Pound rate stands at 350.6 for buying, and 354.1 for selling.

UAE Dirham AED hovers at 76.2 whereas the Saudi Riyal saw slight increase, with new rates at 74.45.

Today’s currency exchange rates in Pakistan - 22 Feb 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.6 282.4
Euro EUR 300.2 303.2
UK Pound Sterling GBP 350.6 354.1
U.A.E Dirham AED 76.2 76.95
Saudi Riyal SAR 74.45 75.2
Australian Dollar AUD 181.15 183.15
Bahrain Dinar BHD 743.32 751.32
Canadian Dollar CAD 207.15 209.15
China Yuan CNY 38.89 39.29
Danish Krone DKK 40.38 40.78
Hong Kong Dollar HKD 35.74 36.09
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.10 2.18
Kuwaiti Dinar KWD 902.41 911.41
Malaysian Ringgit MYR 58.6 59.2
New Zealand Dollar NZD 171.68 173.68
Norwegians Krone NOK 26.43 26.73
Omani Riyal OMR 725.96 733.96
Qatari Riyal QAR 76.76 77.46
Singapore Dollar SGD 207.1 209.1
Swedish Korona SEK 26.53 26.83
Swiss Franc CHF 316.9 319.4
Thai Bhat THB 7.93 8.08


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