Zoyte to assemble vehicles in Lanka
Hiran H.Senewiratne
United Motors Lanka Plc (UML) has been awarded the approval for a
vehicle assembly plant from a leading Chinese vehicle manufacturer/
exporter Zoyte.
The company is now in the process of awaiting domestic institution
approvals to go ahead with the project, UML Chief Executive Officer
Shanaka Yatawara told Daily News Business.
Zoyte one of the leading small car and medium sized jeep manufactures
and exporters in China have principally given the approval for the
assembly plant in Sri Lanka.
Speaking to Daily News Business he said once the required approvals
are granted from domestic institutions such as the Register of Motor
Vehicles, the Ministry of Industrial Development, and other local
Government bodies, they will decide the nature of the assembly plant
which will specially target the domestic market in the initial stages.
This approval is a conditional long term business venture and has not
decided the nature of the plant because of the pending government
approvals due to manifold reasons, Yatawara said.
“Zoyte is an up and coming Chinese automaker but it certainly is a
forward looking company keeping up with current trends in the auto
market,” he said.
After having gone green earlier this year with a highway-speed
electric SUV, this month Zoyte has closed a co-branding agreement with
Fiat, the Italian automaker.
Fiat Multipla and Lancia Lybra will go under the Zoyte branding and
it is rumored that more of the Fiat models might be bought in the near
future by the Chinese brand.
Zoyte seems thus to be quite aggressively trying to build its brand.
Investing in designs and corporate image on Zoyte, which might just
be another rising from nowhere to become an up and coming Chinese auto
brand. Things took a decisive turn in 1989, when it was selected as the
first government venture for peopelisation. In May that year, United
Motors Lanka Limited was born.
The company was listed with the Colombo Stock Exchange a few months
later. The company has since grown in strength and reputation, guided by
the vision to be the best company in the country through
diversification.
Their corporate strategy has proved highly successful. UML maintained
the leadership position by consistently providing high quality products,
services and transport solutions to a discerning clientele.
Today, UML PLC is a major player in Sri Lanka’s motor trade. UML has
a long history and its roots can be traced back to United Motors
Limited, which was formed in 1945. The business was acquired by the
Government in 1972. It emerged as the market leader for Japanese vehicle
imports in 1988, having entered into a distributor agreement with
Mitsubishi Motors Corporation three years earlier. |