Lucky Motor Corporation (LMC) is likely to introduce Peugeot 2008 later this month, officials familiar with the matter told Business Recorder on Monday.
The development would make Lucky Motor the only company in Pakistan at the moment to have different brands associated with its name.
The price tag of the subcompact crossover SUV, with a 1,200cc turbo engine, is expected to be in the range of Rs4.8-5.5 million, it was learnt.
Peugeot 2008 is manufactured by the PSA Group, a French multinational automotive manufacturing company that was taken over by the Stellantis Group.
Talking to Business Recorder, Tahir Abbas, Head of Research at Arif Habib Limited (AHL), said the development would mean that “after decades, a local company will be launching multiple brands”.
Back in 2000s, Dewan Farooque Motors partnered with multiple Korean brands including Hyundai and Kia. However, the partnership ended.
Abbas said the entry of Peugeot would add to healthy competition in the auto sector.
Last year, LMC launched KIA Stonic, a subcompact crossover SUV (B-segment), and KIA Sorento, which has three different variants: the 2.4-litre Front Wheel Drive, 2.4L All-Wheel Drive, and 3.5L Front Wheel Drive.
The company is also expected to launch the Peugeot 2008 later.
Meanwhile, in an exclusive interview with BR Research, Asif Rizvi, Chief Executive Officer (CEO) of Lucky Motors said that the company has focused on creating more competition among the auto players.
Read the entire interview here: Interview with Asif Rizvi, Lucky Motors
"We strategised that we wanted to be a SUV-only company. People across the world are migrating toward SUVs. In fact, globally in the last couple of years, there has been a decline in overall auto sales but an increase in the sales of SUVs," he told BR Research.
“Sportage created its own segment, the newly-launched Stonic is part of the small SUV segment while Peugeot will create its own segment being a very modern-styled European vehicle. Sorento has filled the gap between Sportage and the large SUV of our competitor,” he said.
Pakistan's auto sector, which for decades has been dominated by Japanese giants including Honda, Suzuki and Toyota, has witnessed a dramatic shift in recent years with the entry of Korean brands like KIA and Hyundai among others.
While some are optimistic that the local auto industry would record high growth in the coming years, many still believe that the market in Pakistan is still not big enough to absorb several players.