[Photo] Hyundai Motor forms joint venture for expanding southeast Asian market

Hyundai Motor announced on Dec. 12 that it had signed an agreement with the AG Group, one of Indonesia’s largest conglomerates, to create a joint venture based in Jakarta that will produce commercial vehicles for the southeast Asian market. Production will begin by the second half of 2018, and is expected to reach 2,000 vehicles per year. Hyundai has been looking to expand its operations in southeast Asia to offset falling sales in China, which declined as a result of the dispute over the THAAD missile defense system.

Lee In-cheol, senior vice president of Hyundai’s commercial vehicle export division shakes hands with Vice Chairman of AG Group Iki Wibowo after finalizing the agreement at a signing ceremony at the Indonesian embassy in Seoul. (provided by Hyundai Motor)