Hyundai eyes RP as Asean export base

Hyundai Motor Co. is reportedlly looking at the Philippines as a possible site for an automotive export assembly plant covering the ASEAN region.

According to industry sources, aside from the Philippines, Hyundai is also looking at Indonesia.

Hyundai has already met with officials of the Board of Investments (BOI) to assess the incentives and benefits of participating in the Motor Vehicle Development Program (MVDP) and the Automotive Exports Program (AEP).

Hyundai, sources said, is considering a multi-site assembly operation in ASEAN. Thus, in each country that Hyundai puts up assembly operations, it would concentrate on one specific model which it would export to other ASEAN countries.

In turn, Hyundai would then import other models assembled by other ASEAN countries.

Hyundai will reportedly make its decision after a feasibility study is completed before the end of the year.

Hyundai currently has only a distributorship arrangement in the country with Hyundai Automotive Resources, Inc. (HARI).