This week, the Stellantis Group and the Lucky Motor Corporation (LMC), a manufacturer and distributor of Kia vehicles, signed a Licence and Technical Assistance Agreement to assemble and sell one of their European brands in Pakistan.
The Stellantis Group, which was founded recently, is the world’s fourth largest car group, with a portfolio of 14 foreign brands.
The LMC in mid-2019 had signed an MoU and expression of interest (EoI) with Groupe PSA which is now part of the Stellantis Group. Last year before achieving the manufacturing licence 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.
The opportunity to partner with Stellantis, a global leader for a number of brands under its flag, 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., he said.
Another first was the introduction of a locally assembled premium European brand in Pakistan, allowing consumers to now have access to a brand outside of Asia, Mr Rizvi said.
“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,” Mr Rizvi said.
