Lucky Cement Limited has cautioned that Pakistan’s automobile sector is facing heightened competition due to the influx of new Chinese brands and the government’s move to liberalize the commercial import of used cars.
In its director’s report released on Tuesday, the conglomerate noted that while the overall market outlook for automobiles is improving, the competitive landscape is becoming more challenging.
“At the same time, competition is intensifying with the entry of new and additional Chinese brands in the market as well as the government’s decision to liberalize the commercial import of used cars,” the report stated.
Despite the growing competition, the company expressed confidence in the performance of Lucky Motor Corporation (LMC), its automotive division. The report said LMC is well-positioned to maintain profitability and competitiveness as the market recovers, supported by the introduction of new vehicle models.
Lucky Cement also highlighted encouraging progress in its smartphone manufacturing segment, which continues to show a positive growth trend. The company noted that there is substantial potential in Pakistan’s low-cost smartphone market, driven by rising consumer demand.
“In response, LMC has shifted its focus towards producing affordable smartphones, aiming to strengthen Samsung’s market position by meeting the increasing demand for budget-friendly mobile devices,” the report added.
Via: Business Recorder