Premier Motors Limited (PML), the German car giant Volkswagen Group’s completely knocked-down (CKD) assembly partner, has chosen AKD Securities Limited as its financial consultant for reaching financial close on its CKD assembly plant project in Pakistan, according to an official release.
Volkswagen Group wants to join CKD assembly with PML in a cutting-edge and fully integrated production plant, which is known for its attention to detail and emphasis on product safety and quality.
For the first time in the country, locally produced Skoda and Volkswagen premium automobiles will be sold at this plant, according to the statement. The plant, which has a capacity of 30,000 vehicles per year, is located in Hub, Balochistan. Construction on the project started in July 2021 and is currently in full speed. “Primarily, the PML will introduce premium Volkswagen and Skoda crossovers and SUVs in Pakistan, which are likely to enter the roads by mid-2023.”
The cost of the project is estimated to be $100 million. Premier Systems (Private) Limited, the PML’s parent company, is the sole importer and official dealer of Audi AG in Pakistan since 2006, as well as an authorized importer of Audi automobiles in Sri Lanka and Bangladesh.
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