Hyundai, Inokom to form strategic partnership – RM2.16b to assemble EV batteries, upgrade capacity

Hyundai, Inokom to form strategic partnership – RM2.16b to assemble EV batteries, upgrade capacity

More details on Hyundai Motor Company’s (HMC) RM2.16 billion investment into Malaysia – it involves a strategic partnership between the Korean carmaker and Inokom to upgrade the latter’s capacity to meet Hyundai’s requirements, reports Bernama.

The investment will be over a period of six years from 2025 to 2030, involving an EV battery pack assembly factory in Kulim as well as six locally-assembled (CKD) models including hybrids, investment, trade and industry minister Tengku Datuk Seri Zafrul Abdul Aziz told the press covering prime minister Datuk Seri Anwar Ibrahim‘s official visit to South Korea.

Also, South Korea’s Yonhap News Agency reports that the upgraded CKD facility is set to start assembling MPVs including the Staria from mid-2025. There are also plans to expand the range to include mid- and large-size SUVs.

Hyundai, Inokom to form strategic partnership – RM2.16b to assemble EV batteries, upgrade capacity

The plant will assemble vehicles for Malaysia as well as other Southeast Asian markets, starting with 20,000 units a year before increasing production in stages.

Hyundai also reiterated its commitment to support EV ecosystem development in Malaysia, including increasing EV sales, developing charging infrastructure and establishing a battery production facility.

“We made this investment decision considering the growing importance of Southeast Asia and the Malaysian market. We aim to contribute to the economic and social development of the region through job creation and local talent development,” said Hyundai as reported by Yonhap.

Hyundai, Inokom to form strategic partnership – RM2.16b to assemble EV batteries, upgrade capacity

Zafrul was reported earlier by Bernama as saying that HMC’s largest investment ever in Malaysia will provide many jobs.

“(translated) HMC’s RM2.16 billion investment will lead to more competitively-priced Hyundai vehicles in Malaysia. We have set a few conditions to HMC to use local components in their production. With this, HMC will be able to produce cars at more competitive prices,” Sinar Harian quoted Zafrul as saying.

HMC currently owns 15% of Inokom, a contract assembler based in Kulim, Kedah that has been assembling Hyundai vehicles since the early-2000s up to the facelifted fourth-gen Santa Fe, which is now the only CKD Hyundai on sale.

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Jonathan James Tan

While most dream of the future, Jonathan Tan dreams of the past, although he's never been there. Fantasises much too often about cruising down Treacher Road (Jalan Sultan Ismail) in a Triumph Stag that actually works, and hopes this stint here will snap him back to present reality.

 

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