Hyundai Motor plans to start producing electric vehicles in Indonesia as part of a big investment plan for the country, according to a Reuters report citing remarks by a senior government minister.
The report said Hyundai plans to build a factory in Indonesia with a capacity of about 250,000 units a year, including for electric cars. It sees Indonesia as a high potential market, the report said, noting that Indonesia also has reserves of precious metals that are included in lithium-ion batteries.
Around half of the vehicles made at the planned plant would be allocated for export to other SE Asian markets and Australia, the report said.
It also cited a statement from Hyundai that said it was 'considering various ways to expand' in new markets including southeast Asia.
Currently the southeast Asian market is dominated by Japanese OEMs – most notably Toyota.
Indonesia is seen as a market with big potential, given the country's large and expanding population.