Auto giant GEELY signs agreement with HRL Engineering for CBU and CKD operations in Pakistan
One of the world’s largest automobile manufacturers is now in partnership with HRL Engineering, Capital Smart Motors for sales and assembly of complete range of GEELY, FARIZON NEVs. Correspondent
Hangzhou, China: GEELY, FARIZON has signed the joint venture agreement with HRL Engineering the pioneer construction group in Pakistan, for business operations in NEV buses and commercial vehicles segment.
The agreement has been signed for sales and manufacturing of commercial vehicles under the licensing contract of completely built units (CBU)and a completely knocked down (CKD) assembly plant in the country — a major breakthrough in the automotive sector of Pakistan.
This venture will prove to be a great addition in the automotive sector of Pakistan and would help fill the gap of vehicle supply in the country.
Both parties were actively engaged for the last six months especially since signing a letter of intent (LOI) to enter into an agreement. GEELY and HRL Capital Smart Motors will being business of sales and assembling complete range from NEV Buses, Light Commercial Vehicles (LCVs) to Heavy Duty Trucks (HDTs) expected in two to three phases.
GEELY has been ranked in Top 10 Most Valuable Auto Portfolio Brands and as of 2024 Fortune Global 500 list, Geely Holding Group ranked 185th with a revenue of US$70.40 billion, and has ranked among the Fortune Global 500 for thirteen consecutive years and became the first Chinese car maker to enter the global top 10 in auto sales in Q12024 and selling over 3.33 million units alone in the same year.
r seven decades, they have been providing high-quality, cost-effective Engineering, Procurement, Construction, and Project Management services across multiple engineering disciplines such as Power & Energy, Oil & Gas, Petroleum, Industrial Plants, Mining, Real Estate Development, Smart Cities, Special Economic Zones, Agriculture, Green Energy, Education, Healthcare, Information &Technology.
Mr. Zahid Rafiq envisions that as we navigate new horizons, their commitment to diversification empowers HRL to thrive across multifarious sectors, forging a resilient and dynamic future. HRL’s vision is about creating a sustainable future for Pakistan by smooth transitioning to cleaner energy.
Mr. Imran Zahid, Executive Director HRL-CSM explained their goal to revolutionize both the automotive and energy sectors to create a sustainable future where electric vehicles and renewable energy solutions are integrated into everyday life, helping to tackle climate change.
Mr. Abid Saeed, Advisor to Board for Automotive Business addressed that this step is aligned with the Government’s initiative and vows to continue making a positive difference by undertaking and executing projects of national importance to Pakistan contributing to infrastructure development of the country by generating
direct and in-direct jobs, reduce carbon emissions, disrupt the energy and automotive industry, and make sustainable
energy accessible to all.
Another step towards empowering China Pakistan Economic Corridor (CPEC)
This collaboration will benefit the China-Pakistan Economic Corridor (CPEC) in Pakistan by contributing to the country’s economic growth and industrial progress.
Key Benefits:
Economic growth
Assembling plant can contribute to Pakistan’s economic growth by creating jobs and increasing exports.
Reduced Carbon Footprint
NEVs will help reduce carbon pollution and fuel reliance.
Technology transfer
Will help transfer technology to local manufacturers, which can reduce production costs and dependency on imports.
Market expansion
Will help expand Pakistan’s automotive market, which can help the country become a key player in the regional automotive landscape.
Skill development
Will help develop skills in the automotive industry.
Improved infrastructure
CPEC has improved roads, highways and trade routes, which has reduced costs and delays for transporting vehicles and raw materials.
Increased foreign investment
CPEC has attracted international automakers to invest in Pakistan, creating job opportunities and introducing advanced automotive technologies.
Development of Special Economic Zones (SEZs)
SEZs will help industries improve supply chains, collaboration, and innovation capabilities.
