The leading automotive companies of Pakistan have committed to bring new investment of $1.5 billion in the auto industry of Pakistan.

Amir Allahwala, former Chairman Pakistan Association of Automotive Parts & Accessories Manufacturers (PAAPAM), made this statement while briefing the Senate Committee on Industries and Production on Tuesday.

He informed the committee that eight new car makers have already entered the Pakistani market with an investment of $1.5 billion while another investment of as much amount is also expected in the near future.

Under the investment plan, the new plants have been established to manufacture glasses and windscreens of vehicles. Moreover, another plant to make alloy wheels is being set up in the country.

The committee was informed that over the past five years, Pakistan auto industry had witnessed phenomenal growth as in 2013-14, Pakistan produced 116,000 units of cars, which reached 218,372 units in 2017-18.

Amir went on to say that Suzuki’s Mehran car will come to an end within the next two months.

Suzuki had launched Mehran in 1989 in Pakistan, and it has since been one of the most popular cars in the country.

“We have heard for a while that Suzuki is considering stopping manufacturing Mehran, but despite all the criticism and flaws, Suzuki sold more than 42,000 units of Mehran in 2017,” the panel was informed.

He also informed the upper house of the parliament that Pakistan exports as much as 75000 cars to countries like Nepal and Sri Lanka every year.

He, however, did not provide the numbers for imported vehicles.