Contrary to various reports by other news media outlets that under the administration of Pres. Rody Duterte foreign investors fled from the Philippines and look for somewhere else to do business, but in recent report, one of the world's largest vehicle manufacturer Hyundai Motor Co. plans to build its first assembly plant in the country.
The largest automaker from South Korea announced to the media that the company is accelerating its efforts to win the hearts of consumers in South east Asia where Japanese manufacturers reign supreme by building its first assembly plant in the country.
Hyundai Motor and the country's exclusive local dealer, Hyundai Asia Resources Inc. (HARI) have submitted an application to the Philippine government under the Duterte administration to build a knockdown kit assembly plant in Santa Rosa, Laguna. The facility will be used by Hyundai for their locally assembled vehicles. All the auto components of Hyundai came from various official suppliers of Hyundai.
According to Hyundai Motor and its exclusive distributor (HARI) plan to first install an assembly line that is capable of assembling in between 5,000 and 6,000 vehicle units annually in a plant managed by Star Motors Manufacturing Corp. owned by HARI. They plan to expand annual production to 40,000 units.
The facility will mainly assemble components to build the Eon, Hyundai’s small vehicle with an engine displacement of 800 cubic centimeters (cc) that has been gaining much popularity among consumers in India and the Philippines.
Hyundai Motor’s aggressive move to tap further into the Philippines comes as the country’s automotive market has been burgeoning in recent years.
The new factory in the Philippines is also expected to help Hyundai Motor benefit from the recent launch of the Association of Southeast Asian Nations (ASEAN) Economic Community that will allow vehicles produced in the Philippines to be subject to tariff exemption when they are exported to other ASEAN countries including Thailand and Vietnam.
The largest automaker from South Korea announced to the media that the company is accelerating its efforts to win the hearts of consumers in South east Asia where Japanese manufacturers reign supreme by building its first assembly plant in the country.
Hyundai Motor and the country's exclusive local dealer, Hyundai Asia Resources Inc. (HARI) have submitted an application to the Philippine government under the Duterte administration to build a knockdown kit assembly plant in Santa Rosa, Laguna. The facility will be used by Hyundai for their locally assembled vehicles. All the auto components of Hyundai came from various official suppliers of Hyundai.
According to Hyundai Motor and its exclusive distributor (HARI) plan to first install an assembly line that is capable of assembling in between 5,000 and 6,000 vehicle units annually in a plant managed by Star Motors Manufacturing Corp. owned by HARI. They plan to expand annual production to 40,000 units.
The facility will mainly assemble components to build the Eon, Hyundai’s small vehicle with an engine displacement of 800 cubic centimeters (cc) that has been gaining much popularity among consumers in India and the Philippines.
Hyundai Motor’s aggressive move to tap further into the Philippines comes as the country’s automotive market has been burgeoning in recent years.
The new factory in the Philippines is also expected to help Hyundai Motor benefit from the recent launch of the Association of Southeast Asian Nations (ASEAN) Economic Community that will allow vehicles produced in the Philippines to be subject to tariff exemption when they are exported to other ASEAN countries including Thailand and Vietnam.