Hyundai Ponders Car and Truck Venture in Pakistan

Hyundai Motor Co. is studying the feasibility of a partnership in Pakistan to assemble cars and light-duty commercial trucks with Nishat Group and trading services provider Sojitz Corp., Bloomberg News reports.

Nishat, which is owned by billionaire Mohammad Mian Mansha, tells the news service the partners hope to complete the agreement before the end of May. The companies offered no details about sales targets or models.

Two other carmakers—Renault and Hyundai’s Kia affiliate—each are pursing their own production plans in Pakistan. The country is offering incentives to help develop its embryonic auto industry as local economic growth hits a 10-year high.

Car sales in Pakistan jumped 20% to a record 181,100 units in 2015-2016, according to the Pakistan Automotive Manufacturers Assn. The group reports data in fiscal years that begin in July.