KARACHI: Master Motor Corporation (MMC) will start assembling Iveco trucks in Pakistan this year, said the company’s Chief Executive Danial Malik on Wednesday.
He made the announcement while inaugurating the company’s first facility and showroom in Sindh Industrial and Trading Estate Area. “We have imported eight Iveco trucks in the last 2-3 months but now we have decided to start its assembling from the middle of this year,” he added.
Iveco is the first Italian automotive brand to hit the Pakistani market.
MMC plans to assemble 300 trucks in the first five years and will increase production after assessing market demand, said Mr Malik adding that the Italian truck is fit for long route in Central Asia and China.
“We have already made a request to the government to get an approval of Greenfield status for the Iveco project,” Malik said.
Besides, the company is also starting production of Changan brand vehicles from March onwards. The project is a joint venture between MMC and Changan Automobiles, China.
Mr Malik added that Iveco trucks would be produced at Changan plant located at Port Qasim which will have the capacity to roll out 30,000 vehicles per year. The total investment of both Italian and Chinese ventures is $110 million. He claimed that the ventures would provide 10,000 direct and indirect jobs.
A total of 16 new auto companies – 14 in the Greenfield and two in rownfield categories – will enter in to Pakistani markets within the next two years under the Auto Development Policy 2016-21.
“Only MML has entered into a joint venture agreement in new upcoming investments in the auto sector while other new entrants will assemble vehicles under technical licence agreement,” he claimed.
He said that Iveco, Foton and Fuso vehicles are already being sold in the country and are Oil and Gas Regulatory Authority compliant.