Hyundai to invest $1.55bn in first Indonesia car plantSEOUL: South Korea's Hyundai Motor said on Tuesday it has signed a preliminary deal to build a new factory in Indonesia, which would be its first car plant in Southeast Asia and a crack at Japanese rivals that dominate the market. Hyundai Motor said it will invest about $1.55 billion in the Indonesia auto manufacturing plant from now until 2030, including product development and operation costs. The plant will cater to Indonesia, the region's largest automobile market, and other countries belonging to the Association of Southeast Asian Nations (Asean), it said. The plant will allow the automaker to secure future growth to help it "combat slowing demand in the global automotive market", Hyundai said in its statement. The deal was signed at an event attended by Indonesian President Joko Widodo and Hyundai Motor Executive Vice Chairman Euisun Chung.

Source: Bangkok Post November 26, 2019 08:41 UTC