Lucky Motor Corporation (LMC), the ones behind assembling KIA vehicles in Pakistan has entered into a License and Technical Assistance Agreement with the Stellantis Group to assemble and distribute one of their European brands in Pakistan, according to a report published in Dawn.
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Stellantis, formed late last year is world’s 4th largest auto group which contains a portfolio of 14 international brands.
In mid-2019, Lucky Motors had signed an MoU and expression of interest 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. According to the CEO of LMC Mr. Asif Rizvi:
“LMC is set to create history in the automobile industry of Pakistan by manufacturing and distributing two different international brands under one roof and ushering in an era of multi-brand car companies. We are planning to assemble vehicles of Stellantis Group brand within the Automotive Development Policy (ADP) 2016-2021 at our manufacturing facility in Bin Qasim Industrial Park (BQIP) where Kia vehicles are manufactured.”
The initiative carries an investment of €10 million, according to the CEO who added that the strategy is to leverage their state-of-the-art facility for manufacturing small volumes of niche products on the back of high-volume manufacturing of the Kia brand.
The opportunity to partner with Stellantis 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.
With this, Lucky Motors will become the first to introduce locally assembled premium European cars in Pakistan, allowing consumers to now have access to a brand outside of Asia. Asif Rizvi further said:
“Truly, Pakistan is now well on its way to representing global auto brands. We are very confident and happy that the people of Pakistan will soon be able to add a premier European brand to the list of choices they will now have, which would not have been possible otherwise as a stand-alone brand. Further, we will deliver a strong customer experience through our new multi-brand dealerships. “
European vehicles have their own unique style and technology, which is a good addition to the automotive landscape of the country. The true gainers will be consumers who have been without much choice for a long time, Asif Rizvi concluded.