Hyundai said at the time it would spend $1.55 billion to increase its annual production capacity to 150,000 units by the end of 2022, and further expand to 250,000 cars in the long run.“Indonesia is Hyundai Motor’s core base for its future mobility strategy in Southeast Asia,” Hyundai Motor Chairman Chung Euisun said at the plant opening ceremony, which was joined by Indonesian President Joko Widodo.
Alongside Chinese carmakers armed with budget vehicles, South Korea’s two largest automakers – Hyundai Motor Co.and sister firm Kia Corp.– are now poised to launch a series of stylish electric cars in Southeast Asia to challenge the Japanese dominance.
INDONESIA, HYUNDAI’S SE ASIAN HUBIn Indonesia, Southeast Asia’s top car-selling market with 1.05 million units sold last year, Hyundai and Kia accounted for a 3.2% market share with 34,051 vehicles.
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