KARACHI: Hyundai Nishat Motors Private Ltd (HNMPL) will begin assembling the Porter H100 truck locally with 20{7be40b84a6a43fc4fae13304fce9a2695859798abfc41afd127b9f8b21c5f9c5} indigenization starting in January next year, the company announced Tuesday.
The company also opened its 3S dealership and digital showroom in the city and introduced the Hyundai Ioniq Hybrid car. Speaking to journalists after opening the showroom, HNMPL's Director of Operations (COO), Tatsuya Sato, said the total investment in Faisalabad's manufacturing facilities is $ 150 million with an annual production capacity of up to 15,000 units. The plant will employ 250 people directly, he added.
HNMPL, a joint venture between Nishat Group, Sojitz Corporation (Japan) and Millat Tractors Limited, partners with Hyundai Motor Company (Korea) to become a leading car manufacturer, marketer and distributor in the country.
When asked about low location and few jobs, the chief operating officer said the level of location would increase to 45 percent over the next five years, which would also open new avenues of work.
When talking about the uncertain parity between the rupee and the dollar, he recalled that the viability of the project has changed. "One dollar was equal to Rs105 when we started the project compared to the current rate of Rs156-158," he said, adding that the rupee-dollar parity is also affecting existing assemblers despite achieving 65 percent location. . "Greater indigenization in vehicles can stabilize in what we are focusing more," he added.
Posted on Dawn, October 9, 2019
Source: https://www.dawn.com/news/1509867/hyundai-to-start-local-production-from-january