Dewan Farooque Motors Limited (Urdu: دیوان فاروق موٹرز) is a Pakistani automobile importer and manufacturer based in Karachi.
 | |
| Company type | Public |
|---|---|
| PSX: DFML | |
| Industry | Automotive |
| Founded | December 28, 1998 |
| Headquarters | Karachi, Pakistan |
Area served | Pakistan |
Key people | Haroon Iqbal (Chairman) Waseem-ul-Haq Ansari (CEO) |
| Products | Automobiles |
| Revenue |  Rs. 0.212 million (US$730) (2023) |
| Rs. −181.513 million (US$−630,000) (2023) | |
| Rs. −230.805 million (US$−800,000) (2023) | |
| Total assets | Rs. 2.879 billion (US$10 million) (2023) |
| Total equity | Rs. −3.242 billion (US$−11 million) (2023) |
| Owner | Dewan Yousuf Farooqui (45.71%) Dewan Sugar Mills (9.84%) |
Number of employees | 44 (2023) |
| Parent | Yousuf Dewan Companies |
| Website | www |
| Footnotes / references Financials as of 30 June 2023[update] [1] | |
History
editDewan Farooque Motors Limited was incorporated on 28 December 1998.
Dewan Farooque partnered with Korean brands like Hyundai and Kia to produce its first car on January 15, 2000. The company received an extraordinary response especially for its Hyundai Santro and Hyundai Shahzore models. Company sales grew well until 2008 when it faced various challenges.[2] In 2009, automobile production stopped. After a gap of three years, Dewan Farooque Motors produced a few hundred cars in fiscal year 2014 and 2015 based on its old inventory. Dewan Farooque Motors in October 2016 announced that the company would start assembling vehicles in 2017 again.[3]
In 2016, Dewan Farooque agreed to resume production of vehicles of Indian multinational Mahindra & Mahindra's South Korea based subsidiary SsangYong, as Daehan-Dewan[4][5] at its assembly plant in Sujawal.
On 19 January 2018, Dewan Farooque Motors announced it has received approval for its Brownfield plant from the Engineering Development Board and is expected to resume vehicle production from February 2018. On February 25, 2018 Dewan launched a cargo pickup truck under the popular Shehzore nameplate in collaboration with Daehan Motors (Vietnam).[6]
In May 2024, Dewan Farooque announced plans to launch a cargo pickup truck under the popular Shehzore nameplate in collaboration with Kia Motor Corporation.[7]
Electric vehicles
editIn 2024, Dewan Farooque Motors unveiled their plans of producing electric cars in collaboration with Eco-Green Motors Limited. The company announced that they will begin the production of EGML’s Honri-Ve (200KM and 300KM range) in August 2024 [8]
See also
editReferences
edit- ^ "Dewan Farooque Motors Annual Report 2023". Retrieved 23 September 2024.
- ^ "Dewan Farooque to resume production from October". The Express Tribune. September 6, 2016.
- ^ Rahman, Abdul (5 September 2016). "Dewan Farooque Motors is Resuming Vehicle Production in Pakistan".
- ^ Reporter, The Newspaper's Staff (August 11, 2016). "DFML to revive manufacturing plant". DAWN.COM.
- ^ "Dewan Farooque applies for resuming car production". The Express Tribune. August 11, 2016.
- ^ Hussain, Arshad (June 25, 2018). "Daehan: Korean or Vietnamese? Well, what's in a nationality?". Profit by Pakistan Today.
- ^ "Dewan Farooque Motors to launch KIA 'SHEHZORE' in June 2024". Profit by Pakistan Today. 2024-05-29. Retrieved 2024-06-12.
- ^ "Dewan Farooque Motors partners with ECO-Green Motors to manufacture electric cars". Profit by Pakistan Today. 2024-05-30. Retrieved 2024-06-12.