Automark

VavaCars, a globally recognized car transaction platform and Meezan Bank, Pakistan’s leading Islamic Bank, entered into an agreement to pave the way for providing innovative and efficient financing solutions for car traders in order to facilitate the entire purchase process for vehicles through VavaCars. . The agreement was signed by Mr. Mujahid Khan, Country Manager, VavaCars and Mr. Syed Tanvir Hussain, General Manager & Head of Commercial Banking at Meezan Bank.

This partnership aims to provide convenience to car traders who otherwise do not have access to financing, thus bridging the gap between banks and traders. Auto dealers having limited financing options will be able to increase their capacity to purchase vehicles from VavaCars through Shariah-compliant financing products offered by Meezan Bank. VavaCars auto trading partners will enjoy a priority status when they apply for financing through Meezan Bank.

Speaking at the occasion, Mr. Mujahid Khan, Country Manager, VavaCars said: “I am excited about partnering with Meezan, the leading Islamic Bank in Pakistan. This partnership is a reflection of our shared values of Trust, Transparency, and a passion to serve our customers, and will bring ease of securing Shariah-compliant financing for our partner auto traders.”

“Meezan Bank is excited to join hands with VavaCars to facilitate car traders in purchasing used vehicles from Vavacars. Meezan Bank will use technology platforms to provide complete banking solutions to Car traders and VavaCars. This will be a first-of-its-kind partnership to promote the trade of used vehicles in Pakistan and we are optimistic that Meezan Bank and VavaCars will jointly play a vital role in its success”, said Syed Tanveer Hussain, General Manager & Head Commercial Banking, Meezan Bank Limited.”

About VavaCars:

VavaCars launched its operations in Pakistan in 2020 and offers a fast and secure way for consumers to sell their car in 3 easy steps: 1) Free Valuation 2) Free Inspection and 3) Secure Payment. For Dealers, the VavaCars platform has been designed to make the process of buying cars as fast, secure and painless as possible by 1) Searching Vehicle 2) Placing bids 3) Getting the car. VavaCars vision is to become the world’s most trusted car transaction platform.

VavaCars comes from a global group founded over 50 years ago, focused on the energy sector. Worldwide, the group is invested in over 5,000 fuel stations, five oil refineries and 18 million cubic meters of storage for petroleum products, as well as other energy infrastructure, including ships. VavaCars is also operational in Turkey.

About Meezan Bank
Meezan Bank is the first and largest Islamic bank of Pakistan and the 6th largest bank in the country. With a network of 760 branches in more than 220 cities, it has the largest Islamic banking network in Pakistan.

Meezan Bank has consistently been recognized as the Best Islamic Bank in Pakistan by numerous local and international institutions including its recognition as the ‘Best Bank – 2018’ by Pakistan Banking Awards – the most prestigious award in the country’s financial sector. The Bank has been recognized by Islamic Finance News – Malaysia, Global Finance magazine – New York, Asset AAA – Hong Kong, Asiamoney – Hong Kong, The Banker – United Kingdom, South Asian Federation of Accountants, Islamic Finance Forum of South Asian Awards, – Dawn & IBP Pakistan, Employers Federation of Pakistan and CFA Association – Pakistan.
VIS Credit Rating Company Limited (Formerly JCR-VIS Credit Rating Company Limited) has reaffirmed the Bank’s long-term entity rating of AA+ (Double A Plus) and short-term rating at A1+ (A One Plus) with stable outlook. The rating indicates sound performance indicators of the Bank.

Thanks to today’s hyper-globalized economy, there’s a good chance you’ll either buy a new car or order parts for your classic ride sourced from an East Asian country. Right now, that region is significantly impacted by the coronavirus outbreak.

With that said, is the risk of infection a serious concern for the auto industry workers or classic car hobbyists? The short answer is that  quite unlikely, but let’s take a deeper look.

According to the CDC, the virus survives about two hours on copper and steel surfaces, and there’s concern it can last longer on plastic and cardboard. The likelihood that the coronavirus lives long enough on a package to reach the USA is low, since it normally takes weeks (or months!) to arrive.

The CDC also states that physical contact with infected objects “is not thought to be the main way the virus spreads.” Which is good for this discussion, as contact with a part (or vehicle) made in a country with a coronavirus outbreak is absolutely nothing like being next to a person with the flu in an airplane.

That difference cannot be understated. A native American shared his views on how he continued his purchase habits as normal: in mid-January he said he ordered bulk LED light bulbs for his collection of Fords, coming from China due to the obscure requirements (size T-5, warm white tone matching the factory incandescent bulbs) and obvious cost savings.

His packages arrived last week, complete with shipping labels from China. He stated to removed the bulbs, threw away their packaging, and washed his hands. While he didn’t wash his hands for the CDC-recommended 20-second duration, he didn’t touch his face at any time beforehand.

The odds of him getting sick is probably close to zero, but considering a possible 27-day incubation period, perhaps time will tell if one of his fellow staff members falls prey to the coronavirus.

Source: This article was originally published on MSN Auto news

Japanese automaker Toyota plans to build a new electric vehicle plant in the Chinese city of Tianjin with its local partner FAW Group, a document from the local authorities showed.

The joint venture between Toyota and FAW plans to invest around 8.5 billion yuan ($1.22 billion) in the planned car plant in Tianjin, according to a document issued by authorities of the China-Singapore Tianjin Eco-city.

The plant will have manufacturing capacity of 200,000 new energy vehicles a year, the document showed. In China, new energy vehicles include battery-only, plug-in hybrid and fuel-cell vehicles.

Toyota declined to comment on the project but said in a statement that the company regards China as one of its most important global markets and is constantly considering various measures to implement in China to meet the needs of growing the business in the country.

Last year, despite China’s overall auto market dropping 8.2%, Toyota sold 1.62 million Toyota and premium Lexus cars in China, the world’s biggest auto market, a 9% sales jump compared with a year earlier.

It is also expanding car manufacturing capacities in its Guangzhou-based venture with another partner GAC.

Source: Reuters.com

Hyundai Motor Company has today announced the appointment of Bang
Sun Jeong as their new Vice President of the Middle East and Africa region.
Based at Dubai’s regional headquarters in the United Arab Emirates, Jeong will oversee the day-to-day operations and will be responsible for strengthening Hyundai’s presence and brand value across the MEA region.

Jeong has accumulated abundant experience at Hyundai Motor Company that will help maximize results in his new position. In his previous role, he had served as Hyundai’s Vice President of Asia Pacific, Africa and Middle East Operations Division and also held the Executive Director – sales and marketing role for Hyundai Motor India. He also held positions in Poland and Turkey.

Jeong said: “I am delighted be named as the new Vice President of Middle East and Africa for
Hyundai Motor Company. It is a company that I know very well having gained vast knowledge of the brand during my career.

“As the Vice President of Middle East and Africa at such an important phase, I am compelled by a strong responsibility to confront the challenges ahead of us. In 2019, we made solid progress and moved forward despite the challenges faced in the previous year.

“It is essential we build on this success in 2020 and I forward to helping sustain our growth
momentum to reach our best sales record, and in doing so, we hope to set a new milestone in our journey.”

Jeong replaces Mike Song, who has been promoted and will now work with the Genesis Division
Headquarters. Song said: “Jeong has strong knowledge of Hyundai Motor Company and I have no doubt that he will take the brand to the next level in the Middle East and Africa region.
“In what was a challenging 2019 year for the whole industry, Hyundai still made significant sales and at the same time, the company cemented its position as a global brand in the automotive industry.”

The Federal Adviser to Prime Minister of Pakistan for Climate Change, Mr. Malik Amin Aslam recently visited the Crown Electric Vehicle Co. Plant to personally observe the electric vehicles facility, test drive the vehicles and talk about the future of Electric Vehicles in Pakistan.

With this visit, Crown Group aims to strengthen the electric vehicle eco-system in Pakistan by promoting the use of rechargeable electric stations. Recently, Crown Group organized the market testing and sales display of its exclusive range of CROWNE Electric Vehicles which included two, three and four-wheelers, which be locally manufactured at the Groups Port Qasim facility on which PKR 2 billion has already been invested.

Besides helping the government in controlling pollution, CROWNE 3 wheeler costs Rs.1.50 per km thus benefiting the masses in economical transport facilities and low cost of cargo movement.

At the visit, Chairman Crown Group, Mr. M. Farhan Hanif stated: “It is an honour for us that the Federal Ministry is taking interest in our initiative. Our vision goes beyond the conventional ways travel is done in Pakistan. We aim to enable the masses of Pakistan to get affordable, economical and reliable vehicles for their everyday travel. Together, in coordination with the government, we will pursue our vision and aim and provide Pakistan with the technologies they need”.

Crown is a leading brand in the two and three wheeler industries of Pakistan and the only local consumer brand that exports to international markets while offering solutions for all segments of the industry within Pakistan. Crown Group has the largest network of spare parts and after sales service in Pakistan with 62,000 retailers, wholesalers and workshops on board.

Federal Minister Malik Amin Aslam said draft of Electrical Vehicle Policy will be submitted to the ECC soon

Federal Minister and Prime Minister’s Adviser for Climate Change Malik Amin Aslam has said that a draft of Electrical Vehicle Policy will be submitted to the ECC soon”

He further stated that currently work on policy concessions and SROs is in the final stages and a revolution of electric vehicles is in the coming in the country. Moreover USAID has shown the possibility of saving $2 billion in one of its reports. This will also be beneficial since it will utilise our capacity of producing 4,000 MW power which is currently utilised. Malik Amin Aslam said that there are more than 200 million motorcycles and rickshaws in the country, while more than 3,000 CNG stations across the country can be used for electrical charging stations.

About Crown Group:
Crown Group has been the forerunner in two and three-wheeler automotive industries since 1963. Having the largest network of motorcycle parts across pan Pakistan, Crown deals in manufacturing motorcycles, tyres and tubes for more than 15 years.

• Press Release