Pakistani Tycoon Joins China’s Chery to Localize EV Output

Pakistani business magnate Mian Mohammad Mansha is setting up a factory to build electric-powered vehicles in partnership with one of China’s largest car exporters, Chery Automobile Co., according to a top executive at his company.

NexGen Auto Pvt., a unit of Pakistan’s Nishat Group, plans to debut five cars simultaneously under Chery’s Omoda and Jaecoo brands at a launch event on Friday, Muhammad Aqib Zulfiqar, the group’s chief financial officer, said in an interview. The conglomerate has earmarked about $100 million for the automotive manufacturing and marketing operations, with local car assembling set to start in October, he said.