According to latest brand updates, South Korean Auto brand Hyundai and Al-Haj group have joined hands to introduce heavy commercial vehicles (HCV) in Pakistan. With an expected investment of around Rs. 4 billion, the company initially plans to assemble trucks and luxury buses.
The company has reportedly purchased 30 acres of land outside Karachi as it aims to start production in the next 12 months.
Al-Haj Hyundai (Pvt) Limited in phase 1 will invest Rs 1.5 billion through its own resources. Al-Haj Group has a market presence since 1960, and is currently assembling passenger cars and Chinese trucks.
However, if these two partners agree to work together and move forward, Hyundai may invest in Phase 2 that is expected to start in 2019.
“Hyundai had so many options to partner in Pakistan, but we believe they chose us because of our experience in the heavy vehicles’ market,” Al-Haj Hyundai CEO Bilal Khan Afridi said while talking to reporters on Thursday.
The CEO further said that his company is aiming to tap the growth in heavy vehicles in the coming years, as the China-Pakistan Economic Corridor (CPEC) projects gain speed.