Real history: Pakistan's auto industry turbulence in late 2010s → rising imports, currency depreciation, the 2018–2019 economic crisis, PTI government's policies, skyrocketing car prices, declining sales, and the eventual impact on Hyundai/Kia projects.
Characters: Dewan Mohammad Yousuf, his sons, government officials (Finance Minister Asad Umar, later Hafeez Shaikh, SBP Governor Reza Baqir), rivals like Mian Mansha (Nishat-Hyundai), Lucky Group executives (Kia-Lucky), and Japanese auto executives.
Conspiracies: The claim that Japanese giants (Suzuki, Toyota, Honda) used political influence to stifle Hyundai/Kia, while Lucky Group allegedly sidelined Dewan to monopolize Kia's comeback.
Scenes with dialogues: boardroom discussions, tense negotiations with regulators, media scrutiny, and despair in the Dewan family as their "last hope" faced another collapse.
Theme: Not just Dewan's fall, but the fragility of Pakistan's entire auto sector, where bad policies, politics, and vested interests destroyed competition.
---
By 2018, Pakistan's automotive industry stood at a strange crossroads. On paper, it looked like a boom. The Auto Industry Development Policy of 2016 had lured new entrants—Hyundai, Kia, Renault, even talk of Volkswagen. Dewan Farooque Motors (DFML), long dormant, was suddenly being whispered about again.
But the glitter of announcements masked an industry built on fragile foundations—import dependency, political favoritism, and debt-fueled consumer demand. For Yousuf Dewan, DFML's revival through Hyundai seemed within grasp. Yet within two years, not just his dream but the entire sector would begin to crumble.
---
Scene 1: A Karachi Meeting
Inside DFML's offices at SITE, Karachi, a strategy meeting was underway. Around the long table sat Yousuf, his sons, a few loyal executives, and consultants.
Executive:
"Sir, the new government under PTI is reviewing all policies. There is talk they may roll back incentives. Investors are nervous."
Son 1 (irritated):
"Every government changes the rules halfway. First Nawaz Sharif offered incentives, now Imran Khan's team wants 'review.' How can we plan?"
Yousuf (calm but firm):
"We will plan. DFML cannot afford another collapse. The Koreans must see stability from us, even if Islamabad wavers. Show them confidence."
The executives nodded, but unease hung heavy in the room.
---
Scene 2: Rivals Gain Ground
At Nishat House in Lahore, Mian Mansha sat with his advisors, reviewing Hyundai Nishat's progress.
Mansha (smiling):
"The first Hyundai showroom in Lahore has opened. We will launch models gradually. Unlike Dewan, we will not overreach. Slow and steady."
An advisor interjected:
"Sir, Dewan is trying to court Hyundai again. They claim they were the pioneers. But the Koreans seem to prefer Nishat and Lucky."
Mansha leaned back, sipping his tea.
"Dewan's time is over. The market respects capital and credibility, not nostalgia. By the time they revive, if ever, Hyundai will already belong to us."
---
Scene 3: Islamabad – A Meeting with Asad Umar
In late 2018, Yousuf traveled to Islamabad. At the Ministry of Finance, he sat with Asad Umar, the newly appointed Finance Minister under Imran Khan's PTI.
Yousuf:
"Minister sahib, DFML has the plant, the legacy, and the market goodwill. But we need government's assurance—continuity of the auto policy, banking support, and protection from unfair monopolies."
Asad Umar (nodding):
"I understand, Mr. Dewan. But you must also understand—we have inherited a financial mess. The rupee is depreciating, imports are bleeding us. The auto sector must localize. Heavy reliance on imported kits cannot continue."
Yousuf (earnest):
"We can localize, but we need time. If the policy changes overnight, we lose Hyundai again. Please, stability is all we ask."
Asad Umar sighed.
"The IMF wants us to cut incentives. We will try to balance. But be prepared—hard times are coming."
---
Scene 4: Currency Crash
By 2019, the rupee had lost nearly 50% of its value. Car prices soared out of reach for middle-class buyers. At Honda, Toyota, and Suzuki showrooms, sales plummeted. At Lucky-Kia and Hyundai Nishat, excitement gave way to despair as consumer demand collapsed.
At a DFML board meeting, an executive presented figures grimly.
"Sir, car sales across Pakistan are down by 40%. Even Suzuki Mehran is struggling. New entrants like us? Almost impossible to survive in this environment."
Son 2 (angrily):
"So we wait twenty years to revive DFML, and when we finally get the chance, the entire sector collapses?!"
Yousuf (quietly):
"This is not collapse—it is exposure. The truth is, the industry was built on sand. Easy loans, cheap imports, political favors. Now the tide is out."
---
Scene 5: Conspiracies in the Industry
At an auto industry roundtable in Karachi, senior executives whispered among themselves.
Suzuki Executive (confidently):
"These Koreans thought they could eat into our market. Now look—no one can afford their cars. We will survive; we always do."
Toyota Executive (nodding):
"Exactly. The government won't let us fall. Suzuki and Toyota are 'too big to fail.' But Dewan? Mansha? Lucky? They will fight each other while we hold the ground."
Meanwhile, journalists reported rumors that Japanese assemblers had lobbied in Islamabad to slow down incentives for Hyundai/Kia, quietly undermining the new entrants. Whether true or not, the conspiracy spread quickly.
---
Scene 6: Crisis Talks with Hyundai
In a tense video call between Karachi and Seoul, Hyundai executives questioned DFML's viability.
Hyundai Executive:
"Mr. Dewan, your market is unstable. Sales are collapsing. Your government changes policies every year. Why should Hyundai risk resources here?"
Yousuf (pleading):
"Because cycles come and go. Pakistan's population is young, demand will recover. DFML has history. Do not abandon us again."
The Hyundai side was noncommittal. "We will review," they said. It was diplomatic language for retreat.
---
Scene 7: Stock Market Shock
In Karachi, small investors who had bet on DFML's revival panicked as share prices tumbled. TV anchors on business channels mocked the hype.
Anchor on Geo Business:
"DFML was once hailed as Pakistan's automotive pioneer. Today, it is a penny stock again. Investors ask: was it ever more than a speculative bubble?"
The humiliation cut deep at Dewan House.
---
Scene 8: Private Reflection
Late at night, in his Clifton study, Yousuf sat alone, staring at framed photos of the first Shehzore truck rolling off the DFML assembly line in the late 1990s. His hand trembled as he touched the glass.
He whispered softly:
"We built an industry from nothing. And now… the entire sector crumbles, not just us. Was it fate? Or was it betrayal?"
His sons entered quietly.
"Father," one said, "maybe we must accept it's over."
Yousuf looked at them with tired eyes.
"Not yet. Even if the industry collapses, the Dewan name must not."
---
Scene 9: Islamabad – Reza Baqir's Warning
At the State Bank, SBP Governor Reza Baqir addressed a gathering of industrialists in 2019.
Reza Baqir:
"Gentlemen, the era of easy loans is over. The auto sector must adjust. No more blind reliance on imports. Only those who can truly localize will survive."
In the audience, Yousuf listened grimly. He knew DFML lacked the deep pockets to localize quickly. The message was clear: survival was unlikely.
---
Scene 10: Rivals Secure the Future
While DFML struggled, Lucky Group's Kia operations and Nishat's Hyundai pressed ahead, albeit slowly. They had financial strength, political networks, and patience. Dewan, mired in debt, lawsuits, and public skepticism, faded further into the background.
An auto journalist summed it up on a live show:
"In Pakistan's auto story, Dewan was the pioneer, the dreamer. But dreams need more than courage—they need staying power. And in today's market, only the giants survive."
---
Closing Reflection
By 2020, Pakistan's automotive sector was in free fall. Sales collapsed by more than 50%. Prices soared, jobs were cut, factories slowed. For the Dewans, DFML's revival once seen as a "last hope," now seemed like a cruel joke.
And yet, for Yousuf, the fight went on.
As he told a journalist in a rare interview:
"Empires don't die in a day. Sometimes, they fade. But sometimes, they wait—for one last chance."