Lucky Motors bringing world’s 4th largest carmaker to Pakistan
KARACHI – The Lucky Motor Corporation (LMC), manufacturer and distributor of Kia vehicles has entered into a Licence and Technical Assistance Agreement with the Stellantis Group to assemble and distribute one of their European brands in Pakistan.
The Stellantis Group is the world’s fourth largest car group which was recently formed and it contains a portfolio of 14 international brands.
In mid-2019, LMC signed an MoU and expression of interest (EoI) with Groupe PSA which is now part of the Stellantis Group. Last year before achieving the manufacturing licence under the government’s new entrant policy, the LMC (then known as Kia Lucky Motors) had informed the government of its intentions to partner with Peugeot, a brand of the Stellantis Group.
Asif Rizvi, CEO Lucky Motor Corporation (LMC), on Thursday said, “LMC is set to create history in the automobile industry of Pakistan by manufacturing and distributing two different international brands under one roof and ushering in an era of multi-brand car companies”.
“We are planning to assemble vehicles of a Stellantis Group brand within the Automotive Development Policy (ADP) 2016-2021 period at our manufacturing facility in Bin Qasim Industrial Park (BQIP) where Kia vehicles are manufactured,” said Rizvi.
The new European initiative carries an investment of €10 million, he said, without giving any hint about manufacturing of any specific models before the expiry of 2016-2021 Auto Development Policy on June 30, 2021.
“Our strategy is to leverage our state-of-the-art facility for manufacturing small volumes of niche products on the back of high-volume manufacturing of the Kia brand,” said Rizvi, adding that such small volume niche products were very difficult to sustain on their own.
“Truly, Pakistan is now well on its way to representing global auto brands. We are very confident and happy that the people of Pakistan will soon be able to add a premier European brand to the list of choices they will now have, which would not have been possible otherwise as a stand-alone brand. Further, we will deliver a strong customer experience through our new multi-brand dealerships,” he said.
The ADP 2016-2021 had so far attracted investment of more than one billion dollars from the foreign investors including Chinese and Korean manufacturers.
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