Hyundai Eyes Factories in Indonesia
29 July, 2019
Hyundai is expected to build a factory in Indonesia. Indonesia's Coordinating Minister for Maritime Affairs Luhut Binsar Pandjaitan met with Hyundai chief Chung Eui-sun on Friday and announced that the automaker will sign a deal to build a factory there in November.
Hyundai already has factories in the U.S., China and India but not in the rapidly growing Southeast Asian market.
According to Indonesian newspaper Kompas, Hyundai wants to invest US$1 billion and has secured land on western Java Island. The new factory will be for electric cars. The minister also said Hyundai "seemed to be interested" in building another facility for electric cars.
The signing will take place when Indonesian President Joko Widodo visits Korea for an ASEAN summit scheduled for Nov. 25-26 in Busan.
Hyundai only said it is looking into various ways to tap into the Southeast Asian market.
Source: