Lucky Motors Ltd (LML) has signed a memorandum of understanding (MoU) with Groupe PSA of France to assemble Peugeot cars in Pakistan. Peugeot cars will be the first European cars to arrive, in the CKD category, in Pakistan. Under the expression of interest (EoI) and MoU, LML will assemble, manufacture, market, distribute and sell PSA passenger cars and light commercial vehicles in Pakistan. The group has planned to assemble PSA vehicles at Lucky Motors automobile manufacturing facility at Bin Qasim Industrial Park.
Groupe PSA is a French multinational manufacturer of automobiles and motorcycles sold under the Peugeot, Citroën, DS, Opel and Vauxhall brands. Peugeot is the largest PSA brand in Europe. The new project involves an investment of about $15 million in jigs and fixtures and facility since the LML plant will be used for assembly of the European cars. It is pertinent to mention here that LML, a Younus Brothers Group’s company, is already bringing Korea’s Kia brand vehicles to Pakistan.
Peugeot has applied to the Board of Investment (BoI) for category A greenfield investment status under the Auto Development Policy (ADP) 2016-21. The ADP 2016-2021 has attracted investment of more than $1.3 billion so far from foreign investors who are at various stages of setting up their projects in Pakistan.
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