Karachi: Kia Lucky Motors Pakistan Limited (KLM) has announced that it will start production of vehicles by September 2019.
“[KLM] targets to start production in the first quarter of financial year 2019-20,” read a notification sent to the Pakistan Stock Exchange (PSX).
Kia started the sale of imported completely built units (CBU) on June 1, 2018. It has established company-owned and third-party operated dealerships in some selected metropolitan cities in Pakistan. KLM, a joint venture between the Lucky group and South Korea’s Kia Motors, is an enterprise worth Rs20 billion including Rs14 billion in investment from the Yunus Brothers Group (YBG), the parent company of KLM.
The joint venture aims to manufacture, assemble, market and distribute all kinds of Kia vehicles, parts and accessories under licence from Kia Motors Corporation.
“KLM’s plant construction is in full swing,” said KLM Chief Operating Officer Muhammad Faisal. The plant, being built at Bin Qasim Industrial Park (BQIP), is awaiting electricity, gas and other utilities. “Lack of amenities may become a bottleneck, but work on our part is in full gear,” said the COO.