Seoul: South Korean company Hyundai Motor Co said on Wednesday that it would produce a fully electric IONIQ 5 model at its first plant in Southeast Asia. In December, Hyundai Motor completed the construction of 150,000 units a year at the Deltamas industrial complex near Chicago, 40 km east of Jakarta. The 202222 Hyundai IONIQ 5 electric SUV has been officially unveiled.
The Indonesian plant is already producing a compact Creta SUV, a strategic model for the region, and is expected to release the Santa Fe SUV in the first half and a small multi-purpose car in the second half, the Yonhap news agency reported.
Most of the cars that will be produced at the plant will be sold in Indonesia and exported to the markets of the Association of Southeast Asian Nations, Hyundai said.
Hyundai plans to invest 1.92 trillion won ($ 1.55 billion) in the plant and increase production capacity to 250,000 units, the company said.
The company has not set deadlines for investment and capacity expansion. The manufacturer of the Sonata sedan and Santa Fe SUV will help the Indonesian government by 2030 to convert 130,000 units of public transport vehicles to electric ones by 2030, the report said.
“I hope that this IONIQ 5 from Hyundai will be an important milestone in the development of Indonesia’s electric car ecosystem and further accelerate the electric car ecosystem, which is more advanced,” said Indonesian President Joko Vidoda at the plant’s inauguration ceremony in Chicago.
Hyundai Motor Group chairman Eisun Chung said Indonesia is a key hub for Hyundai’s future mobility strategy, and the plant will play a key role in the local automotive industry, particularly in the EV field.
“Moreover, Hyundai will continue to contribute to the creation of the EV ecosystem in Indonesia through synergies with the battery plant we are currently developing,” Chung said.
Hyundai has said it is also working with LG Energy Solution Ltd., a leading automotive battery manufacturer in South Korea, to build a battery plant in Karavang, Indonesia, with a view to starting production in 2024. He has seven domestic plants – five in Ulsan. , one in Asana and one in Jeonju – and 11 overseas plants – four in China and one each in the US, Czech Republic, Turkey, Russia, India, Brazil and Indonesia. Their combined capacity reaches 5.65 million vehicles.
(The above story first appeared on LatestLY on March 17, 2022 at 08:54 IST. For more news and updates on politics, peace, sports, entertainment and lifestyle, visit our website latestly.com).