Hyundai to invest RM2.16bil to set up Kulim car plant

SEOUL: Hyundai Motor will start a strategic partnership with Inokomfor the automotive assembly of several new models in Malaysia next year through an investment worth RM2.16 billion.

This investment includes efforts to upgrade Inokom's existing assembly capacity to meet Hyundai's automotive needs.

Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz said it was the company's biggest investment in Malaysia for a period of six years (2025-2030) which will offer hundreds of high-paying and high-tech job opportunities to locals.

The investment involved the assembly and production of six car models including hybrid electric vehicle (HEV) models as well as an EV battery pack assembly factory in Kulim, Kedah, Tengku Zafrul told reporters in conjunction with Prime Minister Datuk Seri Anwar Ibrahim's official visit to South Korea.

The prime minister also held a closed door meeting with several South Korean conglomerates including Hyundai Motor, Lotte, OCI Holdings, Samsung, SK Nexilis and Posco.

The prime minister and delegation arrived in Seoul on Sunday in conjunction with a three-day official visit to further strengthen the existing bilateral relations between Malaysia and South Korea.

Malaysia and South Korea will celebrate the 65th anniversary of diplomatic relations between the two countries next year.

South Korea is Malaysia's seventh largest trading partner while Malaysia is South Korea's 11th largest trading partner.