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KARACHI: South Korean automaker Kia Corporation has said that Lucky Motor Corporation (LMC) is the exclusive licensee to manufacture, assemble, market and distribute and sell Kia cars and SUVs in Pakistan as per the general agreement for technical collaboration and knocked down kit supply signed between both the companies.
This was informed by Lucky Cement Ltd (LCL) to Pakistan Stock Exchange (PSX) on Thursday to clear the dust regarding stock filing by Dewan Farooqui Motors Ltd (DFML) on Nov 7 relating to entering into a technology/licence agreement (TLA) with Kia Corporation for the production/assembly of vehicles.
Lucky Motor Corporation is a subsidiary of Lucky Cement. Kia said that a contract recently signed between Kia’s Special Vehicle Division and DFML is limited only to special-purpose commercial vehicles including PU (Bongo). DFML is not and shall not in the future be allowed to produce any other Kia cars and SUVs in Pakistan as long as Kia and LMC maintain a completely knocked down (CKD) business in Pakistan.
Published in Dawn, November 11th, 2022
