Kia Lucky Motors Pakistan is aiming to start local production of vehicles by the first quarter of the next fiscal year 2019-20 i.e. between July and September 2019.
This was revealed in a letter written by Lucky Cement to Pakistan Stock Exchange. The letter mentioned that Kia Lucky Motors had initiated its complete built-up (CBU) operations in June last year.
It stated that the joint-venture has opened company-owned and third-party dealerships in major cities of the country, without mentioning the names.
The letter also informed PSX that the construction of the company’s 660-megawatt supercritical; lignite power plant is in progress and will hopefully be completed as per schedule – by 1st March 2021.
It further mentioned that the leveling work at the site was started in January this year while the civil work will begin in March.
In December 2017, the company had entered into an agreement with the Ministry of Industry and Production for the production of light commercial and passenger vehicles under the Automotive Development Policy (ADP) 2016-2021.
Under the agreement, Kia Lucky Motors is supposed to set-up an automobile assembly plant worth $115 million in Karachi. The company aims to produce a wide range of commercial and passenger vehicles.