The world is moving in a different direction and Hyundai, a small player in the Asean, got a massive deal.
Its tie-up with Grab for the production of the Ioniq electric car could be a game-changer.
Regarding electric cars, besides Grab, Hyundai is studying if it can sell the Ioniq to other sectors in Indonesia. With favourable regulations, the company believes the Ioniq is going to do well in Indonesia.
Some of Hyundai’s electric cars like the Kona EV looks suitable for urban driving. It is looking at selling its hybrid saloons in the country.
Hyundai invested Rp 21 trillion or US$1.5 billion for the construction of a factory in Indonesia. The plant will produce locally assembled models. However, Hyundai is on the lookout for a good model to sell in Indonesia.
This is its first factory in Southeast Asia aiming at strengthening its position in the automotive market.