Hyundai Nishat plant to be ready next year

KARACHI: The assembly plant of Hyundai Nishat Motors Pvt Ltd (HNMPL) is currently under construction in a special economic zone (SEZ) in Faisalabad and scheduled for completion in December 2019 at the cost of 15 billion yen.

Sales will be carried out through distributor-owned dealers and franchise dealers with the goal of reaching six per cent market share by 2024, Nishat Mills Ltd stated in a filing to the bourse based on announcement by Sojitz Corporation, Japan.

Sojitz along with Nishat Mills Ltd (NML) and its Associates, a consortium forming part of major Pakistani conglomerate Nishat Group and Millat Tractors Ltd (MTL), will enter the assembly, wholesale and retail business for Korean Hyundai Co (Hyundai) brands in Pakistan.—Staff Repoter

Recall of 60,000 Audis over emissions

FRANKFURT: Germany this week ordered the recall of tens of thousands of cars produced by Volkswagen subsidiary Audi over “illegal software” designed to conceal levels of harmful emissions, the KBA vehicle licensing authority said on Wednesday.

“We have ordered that the illegal ‘defeat devices’ uncovered should be removed and the vehicles refitted according to the regulations,” a KBA spokesman told AFP.

“Defeat devices” refer to physical or software systems designed to reduce polluting emissions during regulatory tests, while allowing them to rise in real driving conditions.

Around 60,000 Audi A6 and A7 diesel cars in the European Union are affected by the recall, some 33,000 of them in Germany, the firm said. –AFP

Uber into European bicycle-sharing market

NEW YORK: Ride-hailing company Uber said on Wednesday it would launch electric bicycle sharing service JUMP Bikes, which it bought last month, in Europe as it seeks to expand into other transportation modes and make peace with local authorities.

Uber agreed to buy the start-up in April in an attempt to be a truly multi-modal transport service.

“The team is working hard to bring JUMP to Berlin by the end of this summer and we also plan to launch in additional cities across Europe in the coming months,” said Uber Chief Executive Dara Khosrowshahi at a conference in Berlin.

“Were particularly excited about bikes because they can provide a convenient, environmentally friendly ride even in dense cities where space is limited and roads can be congested.”

Published in Dawn, June 7th, 2018