Karachi November 7 2022: Deewan Farooq Motors Limited has entered into Technology License Agreement (TLA) with KIA Corporation, Republic of Korea, for the production and assembly of vehicles.
Earlier KIA Corporation entered into an agreement with Lucky Cement Limited through KIA Lucky Motors for engagement in the business of assembling, marketing, distribution and sales of Kia vehicles, parts and accessories in Pakistan by virtue of technical collaboration.
In that endeavor, KLM (formerly KIA Lucky Motors now Lucky Motors Corporation Limited) signed a general agreement with KIA Motors Corporation for technical collaboration and KD supply.
KLM envisages its products to compete in multiple segments of the automotive market including passenger cars, light commercial and sports utility vehicles.
Kia Motors Corporation was founded in 1944 (being part of Hyundai Motor Group of South Korea) and is Korea’s oldest manufacturer of motor vehicles. These vehicles are sold and serviced through a network of distributors and dealers covering around 200 countries worldwide.
About the Company
Dewan Farooque Motors Limited was incorporated in Pakistan on December 28, 1998 as a public limited company. The principal activity of the Company is assembling, manufacturing and sale of vehicles in Pakistan.
