Hyundai considers building car factories in Indonesia and Vietnam

Lim Chang-won Reporter Posted : 2018-01-10 11:02 Updated : 2018-01-10 11:02
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[Yonhap News Photo]

SEOUL, Jan. 10 (Aju News) -- South Korea's Hyundai auto group will consider building car factories in Indonesia and Vietnam to break the dominance of Japanese cars, a top executive said, expressing confidence in the enhanced quality of Hyundai cars.

"Emerging markets such as Indonesia and Vietnam are very important," Hyundai Motor Vice Chairman Chung Eui-sun told reporters at the 2018 Consumer Electronics Show (CES) in Las Vegas this week."We will consider building factories as soon as possible," he said.

The only son and heir apparent of Hyundai Motor Group chairman Chung Mong-koo said his company should sell commercial vehicles and passenger cars together in Southeast Asia. "We will consider building factories as soon as possible."

"The markets are mostly dominated by Japanese cars, but if we have a clear strategy, our (market) share can reach 25 percent right away," the vice chairman added.

The carmaker saw a serious setback in China last year due to a diplomatic row over the deployment of a U.S. missile shield in South Korea, and Chung predicted sales are expected to pick up next year.

"We plan to unveil our hydrogen fuel cell vehicles in China. There is a lot of interest there," he said, adding competition would grow between Hyundai and Tokyota to court Chinese consumers.

In Las Vegas, Hyundai Motor showcased its next-generation hydrogen fuel cell electric vehicle (FCEV) called "NEXO" with the maximum driving range of about 600 kilometers (372 Miles) with a full single charge. It takes only about five minutes to fully charge the NEXO electric SUV.

"We have an advantage in quality, but we still have a long way to go to build a quality Porsche," Chung said. "The way we work is changing due to the transition from gasoline and diesel engines to electric and hydrogen electric cars. Perhaps our competitors are all in the same position."