- Local Production by Mid-2025: Premium multipurpose van production to start, followed by SUVs and MPVs from Hyundai and Genesis.
- Hybrid and EV Plans: Expansion to include electric vehicles to support Malaysia’s sustainability goals.
- Boost to Malaysia’s Automotive Sector: Investment will create jobs, foster skilled labor, and enhance Malaysia’s role as a regional automotive hub.
SEOUL/KUALA LUMPUR, November 26, 2024 – Hyundai Motor Company has unveiled plans to invest MYR 2.159 billion ($479 million) in Malaysia from 2025 to 2030. This significant move is set to bolster Hyundai’s footprint in Malaysia and across Southeast Asia.
In collaboration with Inokom Corporation Sdn. Bhd. in Kedah, Hyundai aims to begin local production in mid-2025 with a premium multipurpose van. The lineup will later include SUVs and MPVs from Hyundai and its luxury Genesis brand. Production will initially focus on internal combustion engine (ICE) and hybrid models, transitioning to electric vehicles (EVs) in alignment with Malaysia’s green initiatives.
Approximately 30% of locally produced vehicles will be exported to neighboring ASEAN countries, contributing to regional economic growth and solidifying Malaysia’s position as a key automotive hub.
Support from Malaysia’s Leadership
His Hon. Tengku Zafrul Aziz, Malaysia’s Minister of Investment, Trade, and Industry, welcomed the investment, stating:
“Hyundai’s expansion strengthens Malaysia’s automotive ecosystem, creating skilled jobs and supporting the New Industrial Master Plan 2030. Their commitment reinforces Malaysia’s position as a regional automotive hub.”
Driving Sustainability and Skilled Workforce Development
Hyundai’s plans extend beyond production to include corporate social responsibility (CSR) efforts. Key initiatives include:
- Skill-building programs: Partnerships with educational institutions to train locals in EV technologies.
- Sara Jump School: A program for underprivileged youth.
- Hyundai Academy Course: Technical training in collaboration with local universities.
Datuk Sikh Shamsul Ibrahim Sikh Abdul Majid, CEO of the Malaysian Investment Development Authority (MIDA), emphasized:
“This investment goes beyond manufacturing—it’s a leap towards high-tech production and green technology adoption, aligning with Malaysia’s National Automotive Policy (NAP) 2020.”