| |
Company type | Subsidiary |
---|---|
Industry | Automotive |
Founded | 2017 |
Headquarters | Karachi, Pakistan |
Products | Automobiles |
Revenue | Rs. 82.0 billion (US$280 million) (2023) |
Rs. 9.0 billion (US$31 million) (2023) | |
Total equity | Rs. 33.0 billion (US$110 million) (2023) |
Owner | Lucky Cement (71.55%) |
Number of employees | 2000+ |
Parent | Lucky Cement |
Website | luckymotorcorp |
Footnotes /references Financials as of 30 June 2023 [update] [1] |
Lucky Motor Corporation (LMC) is a Pakistani automobile manufacturer and distributor which is a subsidiary of Lucky Cement.
It was founded in 2017 for the purpose of assembling and distributing automobiles from the South Korean automobile manufacturer Kia in Pakistan. [2] Originally incorporated as Kia Lucky Motors Pakistan, the company changed its name to Lucky Motor Corporation Limited [3] in 2020. It did so because it added Peugeot to its business, similarly assembling, distributing, and marketing Peugeot vehicles in Pakistan. Lucky Motor Corporation continues to assemble and market Kia vehicles.
The manufacturing plant became operational in September 2019. [4] [5]
In the first quarter of 2023, Lucky Motors increased the prices of Kia cars, primarily due to the imposition of heavy taxes by the government. [6] [7] This sudden increase in prices significantly affected the affordability of the vehicles for the general public, leading to a substantial decline in the company's sales figures. [8]
Lucky Motor Corporation (LMC) began manufacturing Samsung smartphones in Pakistan in December 2021, at their plant in Port Qasim Industrial Zone, Karachi. [9] The Pakistan Telecommunication Authority (PTA) issued authorization for mobile device manufacturing to LMC in August 2021. [10]
Kia Corporation is a South Korean multinational automobile manufacturer headquartered in Seoul, South Korea. It is South Korea's second largest automobile manufacturer, after its parent company, Hyundai Motor Company, with sales of over 2.8 million vehicles in 2019. As of 2015, Kia is owned by Hyundai, which holds a 33.88% stake valued at just over US$6 billion. Kia in turn is a minority owner of more than twenty Hyundai subsidiaries ranging from 4.9% up to 45.37%, totaling more than US$8.3 billion.
The automotive industry in Pakistan is one of fastest-growing industries in the country, growing by 171% between 2014 and 2018. It accounts for 7% of Pakistan's GDP and employed a workforce of over 6.8 million people as of 2024. Pakistan is the 15th largest producer of automobiles. Its contribution to the national exchequer is nearly US$5.4 billion. Pakistan's auto market is among the fastest growing in Asia. 384,000 cars were sold in 2023. In the 1990s and early 2000s, Pakistan had many Japanese cars. With the launch of the first Auto Policy in 2005, Pakistan launched its first indigenous car, Adam Revo. However, after the 2008 elections, the dollar started depreciating, and due to bad governance, many automakers began to halt production, with some exiting Pakistan. Currently, the auto market is dominated by Honda, Toyota, Hyundai, Kia and Suzuki. However, on 19 March 2016, Pakistan passed a second "Auto Policy 2016-21," which offers tax incentives to new automakers to establish manufacturing plants in the country. In response, Renault, Nissan, Proton Holdings, Kia, SsangYong, Volkswagen, FAW, and Hyundai have expressed interest in entering the Pakistani market. MG JW Automobile Pakistan has signed a memorandum of understanding (MoU) with Morris Garages (MG) Motor UK Limited, owned by SAIC Motor, to bring electric vehicles to Pakistan. NLC signed an agreement with Mercedes-Benz to manufacture Mercedes Actros trucks in Pakistan. On 8 July 2021, Jolta Electric launched the production of electric motorcycles.
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Seres Automobile (Hubei) Co., Ltd., previously named as Dongfeng Sokon Automobile and known internationally as DFSK Motor, was a joint venture between Dongfeng and Seres Group, formed on June 27, 2003. It is now fully owned by Seres.
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