Hyundai Motor to invest $479M in Malaysia
Hyundai Motor will invest $479 million in Malaysia over the next five years, starting in 2025.
The South Korean automaker aims to support Malaysia’s electric vehicle ecosystem through its investment. Hyundai also plans to promote EV sales, build charging stations, and establish a battery manufacturing facility in Malaysia.
However, Hyundai will initially focus on internal combustion and hybrid electric vehicles (HEVs) in the Malaysian market. It plans to transition to EVs, responding to the country’s expanding green policies.
Hyundai is collaborating with Malaysian company Inokom Corp. to manufacture its multipurpose vehicle (MPV), the Staria minivan. The company’s initial production goal for the Staria MVP is 20,000 units annually. While increasing Staria production, The South Korean automaker plans to introduce mid- to large-sized SUVs and MPVs from its Hyundai and Genesis brands.
Hyundai is taking a different approach in Malaysia compared to other Asian countries. In August, the company confirmed it would invest ~$30 million in Thailand to establish a battery electric vehicle (BEV) assembly plant. Hyundai’s assembly plant in Thailand would produce the company’s IONIQ BEV series, jumping into electric vehicle production immediately unlike Malaysia.
Hyundai has steadily been growing its presence in the global EV market. It initiated India’s largest IPO earlier this year. The company is also considering investments in Indonesia.
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Source: https://www.teslarati.com/hyundai-malaysia-479-million/
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