MANILA, Philippines - Korean auto manufacturer Hyundai is looking at building an automobile manufacturing plant in the country as part of its regional integration in the ASEAN.
In an interview with reporters at the sidelines of yesterday’s Philippine Korea Business Forum at the Manila Hotel yesterday, Richard L. Lee chairman emeritus Hyundai Asia Resources Inc. (HARI) said they are now in the process of identifying which model in the Hyundai line they can build here in the Philippines.
“We are in talks for a manufacturing plant in the Philippines because that is for the ASEAN regional integration,” Lee explained.
Lee said that aside from the Philippines, the other countries which are part of the regional integration are Indonesia, Malaysia, Thailand and Vietnam.
“We are looking forward to this regional integration,” Lee said. Although Hyundai is the third largest seller of vehicles in the country, it does not have a manufacturing plant here yet.
Lee explained that each country that is part of the regional integration will produce certain models. They are now in the process of selecting which model should be produced in each country.
At the same conference, HARI president Fe Perez Agudo said they have already revised their yearend target for HARI to flat growth. On the other hand, for the Alliance of Vehicle Importers and Distributors (AVID), Agudo said the growth will be five percent. Agudo is also the president of AVID and Hyundai is the largest member of the group.
AVID maintained a positive growth target after a slight increase in sales for the first 10 months of 0.1 percent to 20,340 units. Sales of vehicle importers bucked the declining trend in auto sales as they posted an 18 percent increase in sales for October when compared to the same month in 2010.
“Strong sales recovery in October bodes well for positive performance of AVID for the remainder of the year with the boost arising from expectations of improved supply condition and favourable consumer outlook on better cashflow prospects triggered by holiday bonuses and overseas remittances,” Agudo said.