Meezan Bank Limited, Pakistan’s largest Islamic Bank and the Best Bank in Pakistan and Hyundai Nishat Motor (Private) Limited, a project of Nishat Group recently signed a Memorandum of Understanding to jointly promote Hyundai commercial vehicles in Pakistan by providing convenient financing terms with a residual value option.

This signing ceremony was organized at the grand opening of Hyundai’s Digital City Store in Karachi and was attended by Mian Hassan Mansha – CEO, Hyundai Nishat Motor (Pvt) Ltd., Mr. Min Kyu Song – President Africa and Middle East Region, Hyundai Motor Co. and Mr. Ariful Islam – Deputy CEO, Meezan Bank.

Under the agreement, Meezan Bank will provide priority vehicle financing and additional value-added services to Hyundai’s commercial segment customers for Grand Starex and its upcoming locally assembled pick-up truck.

Commenting at the occasion, Mr.Ariful Islam – Deputy CEO, Meezan Bank said: “Our commitment towards ‘Establishing Islamic banking as banking of first choice…’ has led us to focus on the key financing needs of our customers.  Alhamdullilah, Meezan Bank is one of the few banks in the country to offer the Residual Value option for commercial vehicles which will further enhance the customer’s flexibility and buying power.” 

Mr.Norez Abdullah, CFO Hyundai Nishat while speaking at the occasion said: “We are delighted to have partnered with the country’s largest Islamic finance provider for our customers. This combination of strength and promise between Meezan and Hyundai shall go a long way in fulfilling the void in light commercial segment at affordable terms for our mutual customers This MoU would add a leading automobile brand in Meezan Bank’s portfolio which would benefit both the partners and ultimately offer a good option to the customers for fulfilment of their logistics needs.”

About Meezan Bank

Meezan Bank is the 7^th largest bank in Pakistan and the leading Islamic bank of the country. The Bank provides a comprehensive range of Islamic banking products and services through a retail banking network of over 690 branches in 190 cities supported by a countrywide network of over 700 ATMs, VISA & MasterCard Debit cards, a 24/7 Call Center, Internet Banking and Mobile Banking facility. 

  
Meezan Bank has consistently been recognized as the ‘Best Islamic Bank in Pakistan’ by numerous local and international institutions. The Bank has also been recognized as the ‘Best Bank in Pakistan’ by Pakistan Banking Awards– the most prestigious awards in Pakistan’s Banking sector, which is a testimony of the Bank’s commitment to excellence. Other awarding  institutions include 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, Pakistan Banking Awards – Dawn & IBP Pakistan, Employers Federation of Pakistan and CFA Association – Pakistan. The JCR-VIS Credit Rating Company Limited, an affiliate of Japan Credit Rating Agency, Japan has upgraded 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.

About theCompany – Hyundai Nishat Motor (Private) Limited)

Hyundai Nishat Motor (Private) Limited (Hyundai Nishat), a Nishat Groupcompany, is a jointventureamongthreeleadinginternationalbusinesses; Nishat Group, Sojitz Corporation (Japan) and Millat Tractors Ltd. Hyundai Motor Company (Korea) has partneredwith Hyundai Nishat forthemanufacturing, marketing and distribution of Hyundai’sproduct line in Pakistan. Hyundai Nishat aspires to be amongsttheleading Auto manufacturers in Pakistan in thecomingyearstoalignitstrack record withothersisterconcerns of the Nishat Group. Ourvisionistobecomethemost “Valued” & “loved” automobilebrand and recreatethe global success of Hyundai in Pakistan.

Since our inception in 2017, we are rapidly establishing our 3S distribution network across the country through our partner franchisees. Our manufacturing plant, being set up in the largest industrial estate of Pakistan avows world class precision with the deployment of the most advanced production techniques.

At a time, when the Pakistan Auto sector is facing tough challenges due to unstable economic conditions, Hyundai Nishat Motor (Private) Limited has launched a digital store in Karachi and along with that their new car Ioniq Hybrid.

On Oct, 8^th, during the launch of their digital showroom in Karachi the company Hyundai Nishat Motors Private Ltd (HNMPL) has announced to start local assembly of porter H100 with 20% indigenization from January next year. Their CEO, Tatsuya Sato, speaking to Automark reporter said that theoverall investment in the manufacturing facility of Faisalabad is around $150 million. The yearly production capacity of the facility is up to 15,000 units and the plant would be able to open up 250 employment opportunities for the local people.

Moving forward he mentioned that the company will start with 20% local parts and in the next five years take this up to 45% as localmanufacturing is the only way to compete in the market. He also said that Pakistan has the potential to export, with increased advent of eCommerce and new technologies Pakistan will soon be able to produce cost effective cars.

However, let’s jump onto the new car Ioniq Hybrid launched by Hyundai Nishat Motor (Private) Limited. The launching price of Hyundai is Rs. 6,399,000 and you can book it with fifty percent downpayment payment. With its price range segmented as Toyota Prius, both automobiles will be neck to neck in the Pakistani market.

The Prius was initially launched in Pakistan with an intent of locally produced hybrid; this however,didn’t go as planned. In practice, Toyota’s engine is bigger than the Ioniq but in terms of raw KMPL (Kilometers/ Liter), driving dynamics and being a plug-in hybrid, Ioniq outruns the competition. It can be purchased off the shelf as a firsthand vehicle where the former is available as a secondhand imported vehicle.

Interior

Hyundai IONIQ is equipped witha 7.0-inch touchscreen with Apple CarPlay and Android Auto com. The SEL trim level is our pick of the bunch with heated front seats, a power-adjustable driver’s seat and a 7.0-inch digital instrument cluster. Besides that, the car offers enhanced voice-recognition features and standard remote charge management for Plug-in and Electric models.

Safety Features

It is worth mentioning that in 2019, Ioniq Hybrid was voted as IIHS’ Top Safety Pick for the variant which is equipped with Automatic Emergency Braking and HID headlights.

It offers multiple safety features and some of them are Anti-lock brakes which by modulating brake pressure upsurge the vehicle’s capability to turn while braking. They also have Blind Spot Detection (BSD) and Rear Cross-traffic Alert (RCTA). It haseight airbags to cushion collision from all crucial points.

Engine

Hybrid Ioniq gets a 1.6-liter inline-4 that produces 104 horsepower and 109 pound-feet of torque. The engine is supplemented with a 32-kilo watt (43 hp) an electric motor that makes use of regenerative braking and a 1.56 kWh battery as well as solar charging in higher end models.

Exterior

Hyundai has an elegant and defined look; the five-door liftback sedan has an overall height of 1450. It has striking design accents that are integrated into the smooth, sculpted surfaces of the bodywork. Along with that, it offers a 750 liters’trunk space and the high-strength steel and lightweight aluminum make the IONIQ strong, stable, agile & economical. With a power sunroof, chrome door handles and similar design of rear headlights and front LEDs provide a unified look to the whole exterior 

Although Hyundai might take some time to surge in the market but with a strong car like Ioniq which is no match for the likes of Chevy Volt and other hybrid vehicles. Hyundai has a strong reputation globallyenabling Korean’s to set foot into new consumer markets with an iron fist.

On daily basis, a common user the car with an average speed of 70 km/hr, does not require the petrol engine as the car can run on electric charge completely for ≈130 KMs. Although the price tag is at the higher end. We feel it is worth for the feature it offers and is the way forward for a Greener & economical Pakistan.

by Hawwa Afzal

Karachi: 8th October, 2019 – After inaugurating its first 3S Dealer and Digital Showroom in Lahore, Hyundai Nishat Motor (Private) Limited (HNMPL) opens Digital Showroom at Emerald Tower, located in Clifton, Karachi as the first footprints on this largest Metropolitan City before expanding them in the City and nationwide. HNMPL is also proud of introducing the All-New Hyundai IONIQ, Hybrid Car highly appreciated in the global market to Pakistan in the occasion of inauguration of this Digital Showroom.

 The Digital Showrooms have been developed under the” City Store” Concept, which is a game-changer for the auto market, supplementing traditional showrooms with a convenient, fully digitalized retail experience. It is a new way for customers to explore and discover Hyundai, which HNMPL desires to make the most beloved car brand in Pakistan.

IONIQ is a Hybrid Car which realizes a powerful performance with less fuel consumption and lower emissions with its electric motor and 1.6L GDI 6-speed Automatic DCT (Dual-clutch Transmission). Apart from IONIQ to be unveiled, Grand Starex –MPV powered by a 2.4L Petrol engine with seating-capacity for 12 persons and Santa Fe – Luxury All-Wheel Drive SUV powered by a 2.4L Gasoline engine with seating-capacity for 7 persons are also displayed and available at the Digital Showroom. All these models are imported from Korea and covered by the industry’s most comprehensive Warranties in Pakistan for 4 years and/or 100,000 km, whichever comes first.

The world-leading automobile brand – Hyundai is aggressively expanding its 3S Dealer Network all over Pakistan, and more 10 3S Dealers are online to come up in 2019 in 8 major cities of Pakistan as the 1st phase, and more nationwide from 2020. Hence, the Hyundai customers will conveniently get all kinds of facilities like; Sales, Service, Spare-Parts, Official Warranties and other reliable offerings through its network. Moreover, company information can also be accessed, along with interactions and transactions, through digital connectivity.

HNMPL’s new manufacturing facility occupies 67 acres in Faisalabad with an annual production capacity up to 15,000 units, while creating thousands of jobs for economic progress. HNMPL is a joint venture company among three leading international businesses; Nishat Group, Sojitz Corporation (Japan) and Millat Tractors Ltd. Hyundai Motor Company (Korea) has partnered with HNMPL with a vision to become the leading Manufacturer, Marketer and Distributor of automobiles in the country. Lifetime  Partner in automobiles and beyond.

According to the news, Ghandhara Nissan Limited (GNL) is revising their plans to assemble Datsun vehicles in the country as the company feels that with current economic conditions and unstable exchange rates they “cannot afford to go for a project of this magnitude, especially with that level of uncertainty” as reported by press media.

The official GNL report said “Apart from project-related challenges, the local economic conditions, particularly the automobile market situation have compelled us to revisit the project’s sustainability,”

 “We have to re-program the project timeline citing unsatisfactory economic conditions, high-interest rates, and vulnerable exchange rate,” he added.

Previously GNL has planned to put an investment of Rs. 6.5 billion in the upcoming 4 years along with the launch of 1200cc Datsun Cross by the year 2020. It was also planned that 1200cc Datsun Go and Datsun Go plus would roll out from the plant located in Port Qasim Area.

The report also mentioned that the devaluation of the dollar the last year and a half has impacted the financial feasibility of the project and along with that the additional customs duties, federal exercise duty, and high-interest rates have further compelled them to rethink

The market situation is not conducive for new entrants as existing automakers are already facing a crisis owing to around 50 percent fall in sales.

However, the official letter to Pakistan Stock Exchange Limited by Ghandhara Nissan limited released on 4^th October says that all the news is misleading and holds no authenticity.

Only time will tell what will be the fate of investment plans of Nissan Gandhara limited in Pakistan

by Hawwa Afzal