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Saturday March 2nd, 2024

Autogroup Sri Lanka re-exports right hand drive US cars to Australia, UK

CONVERTED: A 2020 Lincoln Navigator converted at Autogroup International Plant in Sri Lanka

ECONOMYNEXT – Autogroup International, Sri Lanka, which re-manufactures US made vehicles to right had drive markets is marking 25 years and has become top player in the industry segment, is ready to convert 2020/21 year models, the firm said.

US cars are left hand drive.

“People around the world cherish US manufactured SUV’s and Pick-up trucks for their premium look and features coupled with the ample spaciousness which is a key for travelling purposes,” Autogroup says.

“But most of these vehicles are unfortunately designed for left-hand driving which does not pertain with rules and regulations in most other regions.”

Autogroup with offices in Dallas, USA and Melbourne, Australia is one of the few firms qualified to covert US cars from left hand to right hand drive.

About 90 percent of the output of the plant based in Kaduwela, Sri Lanka goes to Australia. It also exports to United Kingdom, India, Indonesia, South Africa and Malaysia.

“…[C]ustomers can purchase a vehicle from us or they can convert their vehicles bought from other suppliers while we take care of the entire process from shipments to insurance, loading or unloading the vehicles to ports around the world,” Peter Norman Hill, Chairman and Founder of Autogroup International says.”

Chevrolet Silverado, Chevrolet Camaro, GMC Sierra, Dodge Ram, Ford Raptor, Cadillac Escalade, Lincoln Navigator are among models converted by the firm.

“Converting a vehicle is a daunting task and it involves alot of planning, R&D, new manufacturing processes such as 3D printing and lots of new ideas – we encourage it all the time,” Chamath Tennekoon Managing Director of Autogroup International, Sri Lanka says.

“Safety systems are a critical aspect, which need to be properly re-fitted and re-calibratedfor their effective operation.

“The vehicle’s electronic system also requires major tweaks such as lane departure, collision alert, auto park, heads-up-display (HUD), keyless entry, seat memory, seat heating,screen controls and on-screen menus.

“We are geared to convert the latest 2020/21 models, which have also opened-up a new market opportunity for us.”

Autogroup says it collaborates with brands such as Chevrolet, GMC, Cadillac, Hummer, Dodge, Ford, Lincoln, Toyota and Nissan. (Colombo/July13/2020)

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Sri Lanka eyes SOE law by May 2024 for better governance

ECONOMYNEXT – Sri Lanka is planning to pass a Public Commercial Business (PCB) Act improve governance of state-owned enterprise by May 2024 as part of an anti-corruption efforts following an International Monetary Fund assessment.

Sri Lanka’s state enterprises have been used by politicians to give ‘jobs of the boys’, appropriate vehicles for personal use, fill board of directors and key positions with henchmen and relatives, according to critics.

Meanwhile macro-economists working for the state also used them to give off-budget subsides or made energy utilities in particular borrow through supplier’s credits and state banks after forex shortages are triggered through inflationary rate cuts.

The government has taken billons of dollars of loans given to Ceylon Petroleum Corporation from state banks.

There have also been high profile procurement scandals connected to SOEs.

An SOE Reform Policy was approved by Sri Lanka’s cabinet of ministers in May 2023.

The Public Commercial Business (PCB) Act has now been drafted.

A holding company to own the SOEs will be incorporated and an Advisory Committee and Board of Directors will be appointed after the PCB law is approved, the statement said. (Colombo/Mar01/2024)

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Sri Lanka rupee closes at 308.80/90 to the US dollar

ECONOMYNEXT – Sri Lanka’s rupee closed at 308.80/90 to the US dollar Friday, from 309.50/70 on Thursday, dealers said.

Bond yields were broadly steady.

A bond maturing on 01.02.2026 closed at 10.65/75 percent up from 10.50/70 percent.

A bond maturing on 15.09.2027 closed at 11.90/12.05 percent from 11.90/12.10 percent.

A bond maturing on 01.07.2028 closed at 12.15/35 percent down from 12.20/25 percent.

A bond maturing on 15.07.2029 closed at 12.25/40 percent up from 12.30/45 percent.

A bond maturing on 15.05.2030 closed at 12.30/45 percent down from 12.35/50 percent.

A bond maturing on 01.07.2032 closed at 12.50/13.00 percent from 12.55/13.00 percent. (Colombo/Mar1/2024)

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Sri Lanka stocks close up 0.37-pct, Expo to de-list

ECONOMYNEXT – The Colombo Stock Exchange closed up 0.37 percent on Friday, and SG Holdings, the parent company of Expolanka Holdings Plc, said it was taking the company private.

Expolanka is the largest listed company on the Colombo Stock Exchange.

“Expolanka Holdings PLC has, at the Board Meeting held on 1st March 2024, considered a request from its principal shareholder and resolved to initiate the de-listing of the Company’s shares from the Official List of the Colombo Stock Exchange subject to obtaining necessary shareholder approval and regulatory approvals,” the company said in a stock exchange filing.

As per arrangements with SG Holdings Global Pte Ltd, the Company’s majority shareholder, it will purchase its shares from shareholders who may wish to divest their shareholding in the Company at a purchase price of Rs 185.00 per share. The share closed up at 150.50.

The broader All Share Index closed up 0.37 percent, or 39.47 points, at 10,691; while the S&P SL20 Index closed down 0.64 percent, or 19.59 points, at 3,037.

Turnover stayed above the 1 billion mark for the sixth consecutive day, registering 1.4 billion.

Crossings in Melstarcorp Plc (135mn) up at 89.50, Hatton National Bank Plc (64mn) up at 158.00, Hemas Holdings Plc (53mn) up at 75.00 and Central Finance Company Plc (26mn) up at 103.50, added significantly to the day’s turnover.

“The upward trend is continuing, with more retail buying also coming in, the number of trades was more than 10,000 today,” a market participant said. “Investors are looking for undervalued stocks and buying in quantities.” (Colombo/Mar1/2024).

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