Assembly of Skoda and Volkswagen: PML appoints AKD Securities as financial advisor

KARACHI: Premier Motors Limited (PML) will initially launch premium Volkswagen and Skoda Crossovers and SUVs in Pakistan which are expected to hit the road by mid-2023.

At a signing ceremony held at AKD’s head office in Karachi, Premier Motors Limited (“PML”) – License CKD assembly partner of the German auto giant, Volkswagen Group has appointed AKD Securities Limited as its Financial Advisor for achieving financial close of its CKD Assembly Plant Project in Pakistan.

Volkswagen Group, known for its attention to detail and emphasis on product safety and quality, plans to enter CKD assembly with PML in a cutting-edge, fully integrated production plant. This plant will mark the entry of locally assembled Skoda and Volkswagen premium cars for the first time in the country.

The plant is situated in Hub, Balochistan with a capacity of 30,000 vehicles per annum. Construction has begun in July 2021 and going-on with full swing. PML will initially launch premium Volkswagen and Skoda Crossovers and SUVs in Pakistan which are expected to hit the road by mid-2023. The project is expected to cost $100 million.

PML already has a footprint in the automobile business through its parent Company i.e. Premier Systems (Private) Limited which is the sole importer and authorized dealer of Audi AG in Pakistan since 2006 and authorized importer of Audi cars in Sri Lanka and Bangladesh.

Copyright Business Recorder, 2021