Hyundai Nishat Gets Nod to Import CBUs & CKDs With Conditional Incentives￼
Hyundai Nishat Motors (Pvt.) Ltd. signed on Wednesday a Memorandum of Understanding (MoU) with the Ministry of Industries and Production for importing 100 Completely Built-Up (CBU) Units, Completely Knocked-Down (CKDs) Units, and associated machinery, as the Ministry approved conditional incentives for the import items under Automotive Development Policy (2016-21).
Chief Financial Officer Hyundai Nishat Motors, Norez Abdullah welcomed the delegation at the Hyundai plant. He briefed the committee on the investments, joint venture structure, key milestones, dealership network, employment creation, and localization progress of the company. He said the company was producing and assembling LCVs, SUVs, and passenger cars in Pakistan.
As per the MoU, the following conditional incentives have been approved by the Ministry under Automotive Development Policy (2016-21):
Import of 100 CBUs; each model at concessionary duties
Import of plant and machinery at zero duties
Import of CKDs for 5 years at concessionary duties
Norez Abdullah informed the committee that the company had assembled/manufactured 4 new CKD models since Jan 2020, setting a new benchmark for the auto industry. He also presented the details of CBU import under the Automotive Policy along with the production data for the last six months.
Later on, the committee members witnessed the manufacturing facility of different models at the plant. They highly appreciated the company’s performance and expressed their liking for the quality and features of Hyundai Elantra and Hyundai Sonata. They were of the opinion that these two models would soon take over a larger share of the market because of their unique position in terms of value for money.