Lucky Motor Corporation (LMC) on Saturday officially launched the country’s first locally assembled European vehicle — Peugeot 2008 SUV — followed by the opening of eight 3S dealerships in six cities.
Peugeot is a French brand of automobiles owned by Stellantis. LMC will assemble various Peugeot models locally and is currently exploring opportunities to distribute these by early next year.
At the launch event, LMC CEO Asif Rizvi said the company has invested Rs4 billion in the Peugeot project — including plant, machinery and sales network — which led to the creation of 650 jobs. He said LMC is set to change the automotive landscape of Pakistan by introducing a European brand.
Sharing details of the newly-launched vehicle, Rizvi said Peugeot 2008 model gives enough power equivalent to 1,800cc and delivers at a fuel consumption rate of as high as 15km per litre as compared to 10 km per litre for an 1,800 cc engine.
The e-2008 will be the next model launched, giving customers the freedom to choose between a 100 per cent electric and a thermic version, he said.
“Twelve new entrants have entered under the Auto Development Policy 2016-2021 bringing about 15 brands and 25 new vehicles, thus creating a level playing field for the existing and new players,” Rizvi said.
LMC — a subsidiary of Yunus Brother Group — has entered into eight Technical Assistance Agreements with four Korean auto parts suppliers for the transfer of technology to Pakistan.
He said that there would be further job creation in the market with the expansion of operations and network of Peugeot.
In a video message, Peugeot CEO Linda Jackson noted that this was the first time a European car was assembled in Pakistan. “We are excited to work with Lucky Motors to support employment, localisation and the local automotive industry in the country.
Internationalisation is a key focus for Peugeot with the B and C segment SUV growth representing a great opportunity for us. This is also bolstered by the evolution of the legislation of the country towards electrification which is in line with our strategy,” she said.
“We are excited to embark on this journey in Pakistan with LMC while looking forward to witnessing the growth of both parties in the country,” Stellantis COO Middle East and Africa Region Samir Cherfan said in a video message.