FAW Motors, the Chinese state-owned automotive manufacturing company, has announced the launch of FAW V2 in Pakistan.
According to sources, this will be the first Chinese passenger car to be assembled completely in Pakistan.
The official announcement came at an event, which was held by company’s Managing Director Bilal Afridi. The event was attended by automobile dealers and vendors from all over Pakistan as well.
FAW V2 will be available for Rs 1.07 million in Pakistan.
During his speech, Bilal said that an initial investment of 2.5 billion rupees has been raised to set up the company and a further investment of 1.3 billion rupees for an improved local assembly setup, and ED Paint technology in their cars.
Talking about the market and company’s qualities, he said:
Our vehicles bring another category in the market where we provide luxury features of a car at affordable prices. We are now being recognized for quality, economy and technological brilliance.
Our products ranging from heavy vehicles to light vehicles cater every need of our commercial and domestic sector and we are rapidly gaining people’s trust.
“As a result of good response and with the encouragement of our customers, we have further invested rupees 1.3 billion in new assembling process and ED paint technology to improve our V2 with local assembly right here in Pakistan,” he added.
A locally assembled V2 would likely mean lower prices compared to the CBU, while a lower displacement engine would also ease out buyers in taxation and registration costs.
The Chinese company is hoping for a positive response as it aims to increase its production to 15,000 units per annum by the end of 2020. Moreover, FAW is also keen on introducing new models in Pakistan at a cheaper price.