Hyundai Motor Group Expands into Southeast Asia with Indonesia as Bridgehead
Hyundai Motor Group CEO Chung Eui-sun speaks at an event marking the completion of its EV ecosystem with Indonesia on July 3, 2024. (courtesy of Hyundai Motor)
The Hyundai Motor Group is targeting the massive Southeast Asian market, using Indonesia as a pivotal starting point. They have established a comprehensive system for manufacturing automobiles, including batteries and vehicle assembly, in Indonesia, which boasts the largest automobile market among ASEAN countries.
The group recently celebrated the completion of its electric vehicle ecosystem in Indonesia, with HLI Green Power, a joint venture with LG Energy Solution, producing battery cells for the new Kona Electric. Indonesia, with its large population and significant automobile market share in ASEAN, presents immense growth opportunities for Hyundai.
Hyundai’s strategic move into Southeast Asia aims to challenge Japanese dominance and compete with rising Chinese electric vehicle manufacturers in countries like Thailand and Malaysia. This expansion marks a new chapter for Hyundai in the dynamic automotive market of Southeast Asia.
By Jun Seul-gi, staff reporter
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