Premier Motors Limited (PML) – completely knocked-down (CKD) assembly partner of the German auto giant, Volkswagen Group – has appointed AKD Securities Limited as its financial adviser for achieving financial close of its CKD assembly plant project in Pakistan, an official statement said on Thursday.
Volkswagen Group, known for its attention to detail and emphasis on product safety and quality, plans to enter CKD assembly with PML in a cutting-edge and fully integrated production plant.
This plant will mark the entry of locally assembled Skoda and Volkswagen premium cars for the first time in the country, the statement added.
The plant is situated in Hub, Balochistan with a capacity of 30,000 vehicles per annum. Construction began in July 2021 and is underway in full swing. “The PML will initially launch premium Volkswagen and Skoda Crossovers and SUVs in Pakistan which are expected to hit the road by mid-2023.”
The project is expected to cost $100 million. The PML already has a footprint in the automobile business through its parent Company ie Premier Systems (Private) Limited which is the sole importer and authorised dealer of Audi AG in Pakistan since 2006 and authorised importer of Audi cars in Sri Lanka and Bangladesh.
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