Rollout Ceremony Scheduled for June 4
Dewan Farooque Motors Limited (DFML) announced the resumption of commercial production for the “Special Purpose KIA Commercial Vehicle,” named KIA Shehzore. The rollout and launch ceremony is set for June 4.
This announcement was made in a notice to the Pakistan Stock Exchange (PSX) on Wednesday morning.
“By the grace of Almighty ALLAH, we announce that Dewan Farooque Motors Limited has resumed commercial production of the ‘Special Purpose KIA Commercial Vehicle’ named KIA ‘SHEHZORE’. The rollout and launch ceremony is scheduled for June 4, 2024,” the statement read.
“We look forward to continuing to serve the people of Pakistan with high-quality products and after-sales services through our strong nationwide dealership network,” it added.
DFML also stated it has an agreement with KIA Corp to assemble its vehicles in Pakistan.
Incorporated in 1998 as a public limited company, Dewan Farooque Motors Limited focuses on assembling, manufacturing, and selling vehicles in Pakistan. In 2022, DFML entered into a Technology License Agreement (TLA) with Korea’s KIA Corporation for vehicle production and assembly in Pakistan.
The company’s share price has surged over the past few weeks amid speculation of a new vehicle launch. It closed at Rs44.76 on Monday and briefly hit a high of Rs47.38 on Wednesday before falling to around Rs42.9 by 12:20 pm, a drop of Rs1.86 during the trading session. However, the share price has risen significantly from Rs16.43 on April 1.
