Jaecoo and Omoda: NexGen’s EVs will arrive sooner than expected

An electric vehicle production plant set up by NexGen Auto, a Pakistani subsidiary of the Nishat Group, has begun production, months ahead of its planned launch.

“The plant was initially expected to start production by March 2026, but it has already started production in November,” Zayan Babar, an Investment Analyst at Arif Habib Limited (AHL) told Business Recorder on Tuesday.

The development came into light during a corporate briefing session of Nishat Power Limited (NPL) held today, which was attended by Babar.

During the briefing session, NPL management shared it will invest up to Rs2 billion in NexGen Auto (Private) Limited in the long term.

Nishat Power to invest Rs2.5bn in EV venture NexGen Auto

Through this investment, NPL will acquire a 33% stake in the company via the subscription of 200 million shares.

“Management expects this move to enhance the company’s long-term value and profitability by entering the growing automotive sector,” said Babar.

An electrified Pakistan: test driving Nishat Group’s Omoda & Jaecoo EVs

The analyst shared that NexGen Auto facility, located adjacent to Hyundai’s assembly line, will assemble both the Jaecoo plug-in hybrid and the Omoda E5 fully electric EV.

Approximately 2,000 vehicles have already been booked, with around 20% advance payments received, while several models are currently in the paint shop. “Deliveries for CKD units are expected to commence by mid-December,” Babar added.

The plant has an annual production capacity of 32,000 units, or 2,667 vehicles per month on a double-shift schedule, while a single shift operates at half capacity.

Meanwhile, the management of Nishat Chunian Power Limited (NCPL), in a separate corporate briefing session, also confirmed a long-term investment of up to Rs2 billion in NexGen Auto.

NCPL’s management shared that the NexGen Auto assembly plant would integrate its operations with Hyundai’s assembly line, with the first car launch imminent and strong market interest already expected.

“While profitability may be impacted by government concessions, the company expects strong returns for shareholders. The first dividend from the next-gen auto business is expected in FY28,” disclosed NCPL’s management.