According to rumors reported by several media outlets, Renault will establish its assembly plant at Faisalabad. According to a previous arrangement the company announced to build the plant in Karachi.
Media reports state that the French automobile giant didn’t get the land allocation in Karachi in time. Punjab government offered land at cheaper rates so the company has reportedly announced to shift the plant to Faisalabad.
If the reports are to be believed then concerned stakeholders have signed an agreement as well.
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Last year, Renault officially announced that the company will establish a plant in Karachi in collaboration with Al-Futtaim.
PM Abbasi met with Renault CEO and invited Renault to invest in the automobile sector of Pakistan. The CEO of the company responded to the invitation by saying that Pakistan will get Renault’s latest technology.
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According to the reports, the company will introduce its Duster SUV first to tap into the country’s growing SUV market.
Pakistan’s automobile segment has gained a lot of attention from top automobile brands worldwide after the country introduced its auto policy 2016-21.
KIA Motors also signed an agreement with the ministry of industries and for production of passenger and light commercial vehicles. The company will launch four top of the line models in Pakistan once they start their operations.
Pakistani market is currently dominated by three Japanese companies. The introduction of new companies will hopefully result in affordable prices and technically advanced models.