Auto Rickshaw manufacturing company, Sazgar Engineering Works, has declared that they will start making light commercial vehicles and cars by 2019. The company plans on setting up a Four- Wheel Vehicle Assembly plant and make new, original models to get a share in Pakistani auto-sector.
It is ready to set up a car and light commercial vehicles’ (LCVs) plant on a fast-track basis as it looks to roll out models in an 18-month time frame to tap potential growth in Pakistan’s auto sector. To achieve the target, the company has put on hold its earlier announced expansion plan for three-wheelers, stated a notification sent to the stock exchange.
Sazgar Engineering Works is currently getting approvals from regulatory authorities to carry-on with their project. Their production facility will come under Greenfield Investments thanks to Automotive Development Policy 2016.
“Considering the potential growth and future prospects of the automobile sector in the country and in order to facilitate timely completion of the project; the board has decided to hold the expansion of auto rickshaws production facilities as communicated earlier,” Company Secretary Arshad Mahmood said in the notification to the Pakistan Stock Exchange (PSX).