Pakistani magnate partners with China's Chery to localize EV production: Bloomberg
According to the report, NexGen Auto Pvt is set to debut five cars simultaneously under Chery's Omoda and Jaecoo brands at a launch event on Friday, Muhammad Aqib Zulfiqar, the group's Chief Financial Officer, told Bloomberg in an interview.
Zulfiqar said the conglomerate has earmarked about $100 million for the automotive manufacturing and marketing operations, with local car assembly set to start in October.
Days ago, Nishat Power Limited (NPL), a part of Nishat Group, announced plans to invest up to Rs2.5 billion in NexGen Auto (Private) Limited. The listed company has called for an Extraordinary General Meeting (EGM) in this regard, which is scheduled to be held on August 13, 2025.
Calling the move a 'no-brainer,' Zulfiqar told Bloomberg that Nishat Group grabbed the opportunity to work with Chery after company officials visited China and met with several car manufacturers.
'In this category, China is much ahead of all other manufacturing hubs in the world when it comes to advancements and cost,' he said.
The CFO added that the Nishat conglomerate is keen to expand in the automobile sector and wants authorities in Islamabad to speed up the implementation of policies aimed at EV adoption.
'The new model that we have seen is new energy vehicles,' he said. 'Leaving it open and letting competition run free was not wise.'
NexGen Auto, incorporated in August 2024, has made significant strides toward its market debut. The company has formalised its partnership with Cherry Automobile Co. Ltd of China, for the importation, local production and nationwide distribution of its two sub-brands Omoda and Jaecoo, specialised in new energy vehicles.
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