Renault aims to bring latest products and cutting-edge technology and set new benchmarks of safety and quality in Pakistan
BOULOGNE-BILLANCOURT, France, (November 20, 2017) — The world’s renowned car company, Groupe Renault and Al-Futtaim signed agreements to exclusively assembly and distribute Renault vehicles in Pakistan.
The assembly plant will be established in a brand new state-of-the-art plant in Karachi.
Fabrice Cambolive, Senior Vice President, Chairman of the Africa Middle-East India Region of the Groupe Renault said that “Groupe Renault is delighted to extend its international footprint by entering Pakistan, a fast-growing market with a 10% annual growth rate.
By partnering with Al-Futtaim, a very professional and renowned automotive partner, Groupe Renault aims to become a major player in Pakistan. According to a press release Renault “aim to bring latest products and cutting-edge technology and set new benchmarks of safety and quality in the market.”
Fabrice Cambolive noted that “With a population of over 200 million, a fast-growing economy and a vibrant middle-class, Pakistan is undoubtedly a very important strategic growth market for us.
“We are very excited to represent Groupe Renault which is among the top automotive brands worldwide, and a leading European car manufacturer entering this market. We will endeavor to add real value to the Pakistani auto sector and consumer, and to create a world-class organisation in Pakistan,” said Len Hunt, President of Al-Futtaim Automotive.
Al-Futtaim also looks forward to a very long and successful partnership with Groupe Renault,” Len Hunt added.
According to a media release, the agreements will see Groupe Renault bring its latest products and technological know-how, whilst Al-Futtaim, through its new subsidiary Al-Futtaim Automotive Pakistan (Private) Limited, will establish a new manufacturing and assembly plant, and exclusively distribute Renault cars through its extensive knowledge of the market.
Al-Futtaim has built considerable strength and credibility in delivering great customer experiences through its numerous businesses across 29 countries. Al-Futtaim global automotive operations extend to 11 markets across the Middle East, Africa and South Asia, and Pakistan represents one of the most dynamic opportunities in these regions, in particular due to the new Automotive Development Policy.
As is customary for such projects, the finalization of the transaction remains subject to a number of conditions, mainly relating to relevant regulatory approvals from Pakistani authorities.
The parties expect that the plant will be built during the first quarter of 2018 in Karachi as per Groupe Renault standards, and car sales are planned to start in 2019, ramping up in 2020.