Kia Lucky Motors Pakistan Limited (KLM), one of the eight new prospective entrants into the automobile sector, has successfully completed commissioning of equipment and pilot production and recently commenced CKD (Completely Knocked Down) operations at its plant located at Port Qasim, Karachi.
KLM is a joint venture between the Lucky group and South Korea’s Kia Motors. The total project cost of the company amounts to Rs. 19.5 billion read the notification.
KLM’s state of the art facility has the capacity to produce 50,000 vehicles per annum on a double shift basis.
“The booking of ‘Sportage’ an SUV being KLM’s first model will start from 30th June 2019 and delivery thereof will start from the first week of August 2019” the notification said.
Furthermore, the notification read that “The booking of ‘PICANTO’ hatchback being KLM’s second model is expected to start in August 2019 and delivery thereof from October 2019”
Kia Lucky Motors Pakistan Ltd had applied for Greenfield status on March 13, 2017, which was awarded on June 19, 2017. The planned investment in the project is $ 190 million.
Lucky’s script at the bourse closed at Rs. 380.47, up by 7.30 or +1.96% with a turnover of 606,500 shares on Friday.