• About
  • Advertise
  • Contact
Friday, August 12, 2022
  • Login
WRITE FOR US
Economy.pk
  • Economy
  • Politics
  • Technology
  • Education
  • Life & Style
  • Health
  • World
No Result
View All Result
Economy.pk
  • Economy
  • Politics
  • Technology
  • Education
  • Life & Style
  • Health
  • World
Economy.pk
Home Business

A contract signed to assemble European brand vehicle

bySidra Butt
March 26, 2021
in Business, Economy, Main, New
Reading Time: 2 mins read
0
Pact signed to assemble European cars
35
SHARES
550
VIEWS
Share on FacebookShare on Twitter

The Lucky Motor Corporation (LMC), manufacturer and distributor of Kia vehicles, entered into a Licence and Technical Assistance Agreement this week with the Stellantis Group to assemble and distribute one of their European brands in Pakistan.

The Stellantis Group is the world’s fourth largest car group which was recently formed and it contains a portfolio of 14 international brands.

RelatedPosts

Double whammy for Karachiites as NEPRA approves Rs11.10 hike in power tariff amid load shedding

Police Demand new vehicles worth 8 billion

Prices of Superior Kerosene Oil and Light Diesel Oil expected to increase

The LMC in mid-2019 had signed an MoU and expression of interest (EoI) with Groupe PSA which is now part of the Stellantis Group. Last year before achieving the manufacturing license under the government’s new entrant policy, the LMC (then known as Kia Lucky Motors) had informed the government of its intentions to partner with Peugeot, a brand of the Stellantis Group.

Lucky Motor, Stellantis Group enter into license and Technical Assistance Agreement.


The CEO of LMC said; “We are planning to assemble vehicles of a Stellantis Group brand within the Automotive Development Policy (ADP) 2016-2021 period at our manufacturing facility in Bin Qasim Industrial Park (BQIP) where Kia vehicles are manufactured,”

The new European initiative carries an investment of €10 million, he said, without giving any hint about manufacturing of any specific models before the expiry of 2016-2021 Auto Development Policy on June 30, 2021.

“Our strategy is to leverage our state-of-the-art facility for manufacturing small volumes of niche products on the back of high volume manufacturing of the Kia brand,” he said, adding that such small volume niche products were very difficult to sustain on their own.

He furthermore added; The opportunity to partner with Stellantis, a global leader for a number of brands under its flag, is a strategic leap for Lucky Motors which could foster future partnerships with other brands of the Group such as Fiat, Chrysler, Jeep, Dodge, Citroen, Opel, Vauxhall, etc.

Tags: European carsKiaLMCMoUPSAStellantis Group
Sidra Butt

Sidra Butt

Related Posts

Double whammy for Karachiites as NEPRA approves Rs11.10 hike in power tariff amid load shedding

Double whammy for Karachiites as NEPRA approves Rs11.10 hike in power tariff amid load shedding

On Thursday the National Electric Power Regulatory Authority (NEPRA) notified an increase in the power tariff by Rs11.10 per unit...

Police wish-list to cost exchequer Rs8 billion

Police Demand new vehicles worth 8 billion

Punjab Police has demanded new vehicles worth Rs. 8 billion from the provincial government. The department has sent a proposal...

Next Post
FBR to remove taxpayers from ATL

FBR removes Taxpayers from ATL; Failing to upgrade profiles

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Making Pakistan Proud; Pakistani Filmmaker Hamza Baig Selected as a Mentee for Forecast 7 in Germany

Making Pakistan Proud; Pakistani Filmmaker Hamza Baig Selected as a Mentee for Forecast 7 in Germany

Double whammy for Karachiites as NEPRA approves Rs11.10 hike in power tariff amid load shedding

Double whammy for Karachiites as NEPRA approves Rs11.10 hike in power tariff amid load shedding

Crow stuck in kite strings saved on LHC premises

Crow stuck in kite strings saved on LHC premises

Pakistani Cricketers will Now Get Rs. 838,000 Per Test Match

Pakistani Cricketers will Now Get Rs. 838,000 Per Test Match

Police wish-list to cost exchequer Rs8 billion

Police Demand new vehicles worth 8 billion

Chinese national safely rescued from Arabian Sea near Karachi

Chinese national safely rescued from Arabian Sea near Karachi

Connect with us

Twitter

Economy.pk

Economy.pk touches diverse topics with a lighter note and is geared toward audiences with various interests and all ages. Come and explore Economy.pk. Ample details and analysis are provided in extraordinarily readable manner making them compelling and interesting at the same time.

Category

  • World
  • Politics
  • Business
  • Technology
  • Education
  • Health
  • Life & Style
  • Opinions

Social Media

  • Facebook
  • Instagram
  • Twitter
  • Linkedin

Sitelinks

  • Sitemap

Download our APP

download on android app download on apple app
  • About
  • Advertise
  • Contact

© 2022 All Rights Reserved Economy.pk | Designed & Developed by Digital Otters

  • LATEST
  • World
    • Europe
    • Americas
    • Asia
    • Oceania
    • Africa
    • Canada
    • Middle East
  • Finance
  • Politics
  • Business
    • Economy
    • Finance
    • Entrepreneurship
    • Real Estate
  • Technology
    • Cyber Security
    • Mobiles
    • Social Media
  • Education
  • Sports
  • Life & Style
    • Personalities
    • Art
    • Culture
    • History
    • Entertainment
    • Fashion
    • Food
    • Health
      • Environment
      • Fitness
  • Sponsored

© 2022 All Rights Reserved Economy.pk | Designed & Developed by Digital Otters

No Result
View All Result

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In