July 12, 2006	Wednesday	Jumadi-ul-Sani 15, 1427

KARACHI, July 11: Adam Motor Company (AMC) has sold 495 cars in less than one year of its operation and is currently manufacturing seven to eight cars per day. This was stated by chief executive officer of AMC, Feroz Khan at a meeting with chairman Pakistan Steel Mills Lt Gen (retd) Abdul Qayyum Khan during his visit to the plant on Tuesday.

The CEO said that in comparison to similar development initiatives in the auto industry abroad, the company achieved the target of cost effectiveness with no requirement for royalty or licensing payments to the external principals, says a press release.

The first car was launched in April 2005 and the plant commenced deliveries from September 2005. He said that the company planned to set up a car production plant in Bangladesh.

Abdul Qayum Khan said it was a great achievement for the domestic auto industry where the AMC plant was rolling out 100 per cent locally produced cars at a competitive price.