Hyundai Motor will open its first plant in Kedah state, Malaysia next year with an investment valued at 500 million USD, the Malaysian Government has announced.
Kuala Lumpur (VNA) - Hyundai Motor𒉰 will open its first plant in Kedah state, Malaysia next year with an investment valued a🔯t 500 million USD, the Malaysian Government has announced.
The deal was reached during Malaysian Prime Minister Anwar Ibrahim’s official visit to the Republic of Korea (RoK) from November 24-26.
Welcoming the project, the Malaysian PM said he would ensure an attractive investment climate for automotive assembly, especially for EV models that will surely make Malaysia an automotive production hub for the ASEAN market.
Hyundai’s investment, spanning energy-efficient and electric vehicles, would help strengthen Malaysia’s automotive ecosystem, he added.
The Malaysian plant will be Hyundai’s second in Southeast Asia after it opened a factory in Indonesia in 2022, with an annual capacity of up to 250,000 units, including for its Kona Electric SUV model./.
The Malaysian Government has implemented several initiatives to encourage local companies to increase their efforts to manufacture electric vehicles (EVs) to support the development direction of the local automotive industry.
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