in other news South Korean carmakers
Hyundai Motor will invest more than one-and-a-half billion dollars in new
factory in Indonesia to target the Southeast Asian market that’s currently
dominated by Japanese carmakers the new plan too will allow Hyundai to avoid
import tariffs in the ASEAN region and help secure future growth amid slowing
demand in the auto market our park se-young has more Hyundai Motor has
announced our building manufacturing plant in Indonesia they’ll be able to
produce 250,000 units a year this will be the car makers first car plant in
Southeast Asia and the deal comes amid a prolonged sales downturn in China the
new plant will be located in the Thomas Bekasi an industrial area 40 kilometers
east of Jakarta Hyundai Motor said will invest
approximately 1.5 billion US dollars in the new factory from now until 2030
including product development and operation costs the new facility will
break ground this December and will start producing in late 2021 with an
annual capacity of 150,000 vehicles Hyundai plans to gradually increase the
output volume to 250,000 units a year depending on market demand it plans to
produce small SUVs compact minivans and electric vehicles specifically designed
for the Southeast Asian market at the new plant by exploring new markets like
ASEAN largest auto market in Indonesia we will secure our future growth vehicles assembled at the Indonesian
plant will be exempt from import tariffs which range from 5% to 80% in the ASEAN
region the plant will cater to the automobile market in Southeast Asia
which is currently dominated by Japanese car makers and is expected to grow from
over 3 million units in 2017 to 4.5 million in 2026 Indonesia as the biggest
automobile market in the ASEAN region selling nearly 1.2 million vehicles last
year park se-young arirang news