SEOUL, Nov 27 (Bernama-Yonhap) -- Hyundai Motor Co announced on Tuesday its plan to invest nearly US$480 million in Malaysia over the next five years from 2025 to enhance its production capacity in the Southeast Asian nation, Yonhap news agency reported.
The South Korean automaker stated it would collaborate with its local partner, Inokom Corp, to upgrade its complete knockdown (CKD) unit assembly plant, which currently produces the older-generation Santa Fe SUV model.
The upgraded CKD plant is set to commence production of Hyundai's multipurpose vehicle and the Staria minivan by mid-2025, with plans to expand the range to include mid-to-large SUVs.
The company noted that the production scale will initially begin at 20,000 units per annum, with plans for gradual expansion.
Vehicles manufactured at the facility are expected to be marketed in Malaysia and other Southeast Asian countries.
Hyundai also reaffirmed its commitment to supporting the development of Malaysia’s electric vehicle (EV) ecosystem, including the expansion of EV sales, the construction of charging infrastructure, and the establishment of battery production facilities.
"We made this investment decision considering the growing importance of Southeast Asia and the Malaysian market," Hyundai said.
"We aim to contribute to the economic and social development of the region through job creation and local talent development."
-- BERNAMA-YONHAP
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