Recently, Nishat Partners with Hyundai Motor Company to set up a car assembly plant in Pakistan. Now both companies are in a process to launch Electric and Hybrid cars in Pakistan. This project will be set up in an industrial zone near Faisalabad. Nishat Group will invest $120 Million in this project.
Nishat Partners with Hyundai to Launch Electric and Hybrid Cars in Pakistan
“The (South) Korean car maker wants to first start the assembly of small cars that could compete with the existing (Japanese) assemblers already operating in this market,”
Nishat Group’s chairman Mian Mansha said about this partnership,
“We are discussing with them and trying to convince them to also bring electric and hybrid cars. I see (that) the future is in electric cars. “We could import these cars in the beginning and later also start assembling them locally.”
Previously Millat Tractors has also announced their willingness to join the upcoming joint venture between Hyundai Motor Company and Nishat Mills Limited for the production of passenger cars and light trucks.
According to reports, Nishat Group will be a 42 percent stakeholder in the new company with Millat Tractors. Whereas Millat tractors will hold 18 percent and Hyundai firm will hold 10 percent of stake. The rest of the stakes will be available in the country’s stock market.
Technology is changing at a rapid pace. If we look back at the time when there were no mobile phones we will come to know about how fast things are changing. Technology has been incorporated in almost everything.
Many other technology companies are working to design their own self-driving cars. For the first time Apple has confirmed that it is working on developing self-driving cars technology. However the firm has finally revealed secret project initiative in statement to US highway regulator.
For More Information Also Read: Apple Reveals it is Working on Self-Driving Cars