Hyundai to open plant in Thailand
Hyundai, South Korea's top automaker, said on Wednesday that it is setting up a production facility in Thailand, in its first investment here since pulling out of the country after the 1997 Asian crisis.
By Agencies |
BANGKOK: Hyundai, South Korea's top automaker, said on Wednesday that it is setting up a production facility in Thailand, in its first investment here since pulling out of the country after the 1997 Asian crisis.
Hyundai Motor (Thailand), capitalised at about $12 million, has been set up for local production and distribution of three models.
The automaker aims to begin production of its mid-sized sedan Hyundai Sonata in Thailand in the fourth quarter of this year, with part of the output for export to the rest of Southeast Asia, it said.
The company is still determining how many vehicles the facility will produce, a spokesman for Hyundai’s Thai unit said.
"Hyundai Thailand is our effort to penetrate the Thai automobile market in the fourth quarter of this year. We believe the assembly quality of Thai skilled labour will help strengthen customer confidence in the quality of Hyundai products," Yoshizumi Kurada, president of Hyundai Motor (Thailand), said in a statement.
The South Korean automaker pulled out from Thailand following the 1997 financial crisis, which crashed the economy and devastated vehicle sales.
Its re-entry comes as the Thai market has been hard-hit by political uncertainties after last year's coup.
Domestic auto sales dropped 12.6 per cent in the first half of this year to 292,514, according to figures complied by Toyota Motor Thailand.
Hyundai Motor (Thailand), capitalised at about $12 million, has been set up for local production and distribution of three models.
The automaker aims to begin production of its mid-sized sedan Hyundai Sonata in Thailand in the fourth quarter of this year, with part of the output for export to the rest of Southeast Asia, it said.
The company is still determining how many vehicles the facility will produce, a spokesman for Hyundai’s Thai unit said.
"Hyundai Thailand is our effort to penetrate the Thai automobile market in the fourth quarter of this year. We believe the assembly quality of Thai skilled labour will help strengthen customer confidence in the quality of Hyundai products," Yoshizumi Kurada, president of Hyundai Motor (Thailand), said in a statement.
The South Korean automaker pulled out from Thailand following the 1997 financial crisis, which crashed the economy and devastated vehicle sales.
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Its re-entry comes as the Thai market has been hard-hit by political uncertainties after last year's coup.
Domestic auto sales dropped 12.6 per cent in the first half of this year to 292,514, according to figures complied by Toyota Motor Thailand.
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