Foton JW Auto Park is formally commencing the production from its automobile assembly plant on Friday, November 30, 2018.
The Prime Minister of Pakistan Mr Imran Khan is expected to inaugurate the event. Changsha Foton Vehicle Technology Company President Wang Tao and JW SEZ Group President Shah Faisal Afridi on behalf of Foton JW Auto Park will also be attending the event.
A 50/50 joint venture agreement between Changsha Foton Vehicle Technology Company and JW SEZ Group was signed back in December 2016 with an initial investment of $150 million equally made by both parties. The venture was also awarded the Greenfield investment status.
The assembly plant is located in Lahore spread over 50-acre of land with a capacity to roll out 30,000 units per year. During the initial Phase I, production will include light and medium commercial cargo and dump trucks, minivans and SUVs.
According to the reports, both the companies are planning to expand the plant setup in Phase II & III with an investment of $300 million, and is aiming to expand the plant capacity to 100,000 units per year with 100 acres of land to increase their product portfolio in future.
The project is going to generate more than 500 direct employment in Phase I, however after the completion of Phase II and III, the employment will increase up to 3500. Foton JW Auto Park envisions to become the leading commercial vehicle manufacturer in Pakistan within the next 5 years.