Hyundai Motor Co announced on Tuesday its plan to invest nearly US$480 million in Malaysia over the next five years from 2025 to enhance its production capacity in the Southeast Asian nation, Yonhap news agency reported.
The South Korean automaker stated it would collaborate with its local partner, Inokom Corp, to upgrade its complete knockdown (CKD) unit assembly plant, which currently produces the older-generation Santa Fe SUV model.
The upgraded CKD plant is set to commence production of Hyundai's multipurpose vehicle and the Staria minivan by mid-2025, with plans to expand the range to include mid-to-large SUVs.