Hyundai Motor To Assemble Commercial Cars In Indonesia
Faizan Hashmi Published December 12, 2017 | 02:25 PM
Hyundai Motor Co., South Korea's largest car maker, said Tuesday that it will set up a joint venture with an Indonesian company to help assemble commercial vehicles in one of the world's most populous countries in the latest move to expand into Asian markets
SEOUL,(APP - UrduPoint / Pakistan Point News - 12th Dec, 2017 ) :Hyundai Motor Co., South Korea's largest car maker, said Tuesday that it will set up a joint venture with an Indonesian company to help assemble commercial vehicles in one of the world's most populous countries in the latest move to expand into Asian markets.
The joint company, to be set up between Hyundai and Artha Graha (AG) in May, will be in charge of putting together the knockdown units of the Xcient heavy-duty and New Mighty trucks and sell the complete vehicles in the Indonesian market, the company said in a statement.
The size of the investment in the joint venture has yet to be decided, a company spokesman said. The joint venture will produce 2,000 Xicent and New Mighty trucks annually from late next year, with a plan to gradually add new models to woo Indonesian customers, it said.
Currently, Japanese carmakers account for more than 90 percent of Indonesia's commercial vehicle market, as they have operated local assembly lines since the 1970s, Hyundai said. As Indonesia pushes large reclamation and mine development projects, local demand for commercial cars is expected to exceed 100,000 units in 2020, up from the 76,000 units estimated for this year, it said.
Hyundai Motor said it aims to export commercial vehicles assembled in Indonesia to neighboring Southeast Asian countries, as they do not impose import tariffs on products from Indonesia due to their bilateral trade agreements. Southeast Asian countries now impose tariffs ranging from 30 percent to 80 percent on Korean-made vehicles.
Related Topics
Recent Stories
IMF Officials assure support to Pakistan’s economy
Naqvi directs foolproof measures for protection of Chinese nationals
Israel carries out attack inside Iran, report US media
Saudi Assistant Minister of Defence calls on army chief
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 19 April 2024
Today Gold Rate in Pakistan 19 April 2024
Rock-solid Ruud racks up season-leading win in Barcelona
At UN, Iran says it will make Israel 'regret' reprisals
G7 hears calls for 'critical' Ukraine aid
EU seeks to leverage might to confront China, US challenge
5 Customs officials martyred as their vehicle ambushed by terrorists in D I Khan
Pak-New Zealand match called off due to rain
More Stories From World
-
China to play 'constructive role' to ease tensions after reported strike on Iran
10 minutes ago -
Explosions in Iran as US media reports Israeli strikes
20 minutes ago -
Italy urges 'de-escalation' as G7 to discuss reported strike on Iran
40 minutes ago -
Indonesia on alert for more eruptions from remote volcano
40 minutes ago -
5.0-magnitude quake hits Alaska Peninsula
49 minutes ago -
Foreign-invested firms in China up 20.7 percent in Q1: data
49 minutes ago
-
China launches digital database of classic graphics
49 minutes ago -
Hindu nationalist Modi the favourite as India votes
49 minutes ago -
Two detained in Poland for attack on Navalny ally: Lithuania president
49 minutes ago -
International reactions after Israel's reported attack on Iran
50 minutes ago -
Eight killed in overnight Russian strikes, as Ukraine downs bomber
50 minutes ago -
Indonesia on alert for more eruptions at remote volcano
59 minutes ago