Nothing Finalized with Vehicle Assembly Plant in Indonesia
Chung Eui-sun, senior vice chairman of Hyundai Motor Group met with Indonesian President Joko Widodo in Jakarta on July 25 (local time) to discuss ways to promote cooperation.
Chung is visiting Southeast Asian countries to check local markets.
"Hyundai Motor is one of the most enterprising companies and has achieved a great success in the global market," President Widodo said, asking Chung to make a big investment in Indonesia. “I will do my best to support your investment. I want to visit Hyundai Motor when I visit Korea," he added
“Indonesia is a very challenging market for us to penetrate. It is not easy to find a solution to enter the Indonesian market," Chung said. He expressed his gratitude to the president and his government for their interest in Hyundai Motor.
Indonesia is emerging as a new breakthrough for Hyundai Motor, which is struggling in the world's two largest car markets -- the United States and China. Indonesia is the largest automobile market in Southeast Asia. Demand for cars grew 4.4 percent on year to 1,047,000 units in 2018. This year, it is projected to increase by 4.4 percent to 1,080,000 units.
A Hyundai Motor official said, "We are studying various measures to penetrate the Southeast Asian market, but nothing has been set with regard to the construction of an automobile plant in Indonesia."