South Korea’s Hyundai Motor, world's 3rd largest carmaker (behind Toyota and Volkswagen) said it is considering building a car plant in Southeast Asia with Indonesia and Vietnam possible locations, part of efforts to diversify after a sales slump in China.
Currently, Hyundai Motor does not have a car manufacturing factory in Southeast Asia, although it has some pure assembly operations in Indonesia and Vietnam where cars are made from knock-down kits comprised of major component groups.
Hyundai assembly plant in Vietnam | vir.con.vn
As reported by Reuters, a diplomatic row between Beijing and Seoul last year over the South Korea’s planned deployment of U.S. anti-missile defense system THAAD has hurt Hyundai and other South Korean firms that are highly reliant on the Chinese market.
Hyundai expects its China sales to reach about 900,000 vehicles in 2018, a recovery from levels last year, vice chairman and heir apparent Chung Eui-sun also said on the sidelines of the consumer electronics show in Las Vegas, according to a company spokeswoman.
Men cylce past an advertising billboard for Hyundai cars opposite the plant of Hyundai Motor Co in Beijing, China, August 30, 2017. REUTERS/Thomas Peter/File Photo
Hyundai has not disclosed estimates for 2017 China sales but sales of 900,000 would still be far below its production capacity of 1.65 million vehicles in its biggest market. Chung added that Hyundai is planning to enter China's fuel cell electric car market, after the automaker unveiled its new fuel cell electric vehicle, NEXO, with an estimated driving range of 370 miles, at the show.
Southeast Asia is known to have connected to Japanese carmakers, especially Toyota, and Hyundai has been avoiding a head to head fight with them. “It’s very difficult to fight the Japanese in Southeast Aia, but I think if Hyundai tried, they could actually put in some competition,” said Ferry Wong, head of equity research at Citigroup Inc.’s Indonesia unit.
Source : Reuters | Business Insider | herald.co.zw
I began my career in the banking industry in 1997, and stayed approx 6 years in it. This industry boost his knowledge about the economic condition in Indonesia, both macro and micro, and how to
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understand it. My banking career continued in Yogyakarta when I joined in a program funded by the Asian Development Bank (ADB),as the coordinator for a program aimed to help improve the quality of learning and teaching process in private universities in Yogyakarta. When the earthquake stroke Yogyakarta, I chose to join an international NGO working in the area of ?disaster response and management, which allows me to help rebuild the city, as well as other disaster-stricken area in Indonesia. I went on to become the coordinator for emergency response in the Asia Pacific region. Then I was assigned for 1 year in Cambodia, as a country coordinator mostly to deliver developmental programs (water and sanitation, education, livelihood). In 2009, he continued his career as a protocol and HR officer at the U.S. Consulate General in Surabaya, and two years later I joined the Political and Economic Section until now, where i have to deal with extensive range of people and government officials, as well as private and government institution troughout eastern Indonesia.
I am the founder and Editor-in-Chief in Good News From Indonesia (GNFI), a growing and influential social media movement, and was selected as one of The Most Influential Netizen 2011 by The Marketeers magazine.
I also wrote a book on "Fundamentals of Disaster Management in 2007"?, "Good News From Indonesia : Beragam Prestasi Anak Bangsa di dunia"? which was luanched in August 2013, and "Indonesia Bersyukur"? which is launched in Sept 2013. In 2014, 3 books were released in which i was one of the writer; "Indonesia Pelangi Dunia"?, "Indonesia The Untold Stories"? and "Growing! Meretas Jalan Kejayaan"
I give lectures to students in lectures nationwide, sharing on full range of issues, from economy, to diplomacy
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