Friday 1 December 2023

Hyundai Signs Strategic Partnership to Develop Commercial Electric Vehicles in Indonesia


Hyundai Motor Company and INVI, a subsidiary of PT Indika Energy Tbk, have agreed to collaborate to revolutionize public transportation in Indonesia by introducing commercial electric vehicles (CEV).

This strategic collaboration is in line with the Indonesian government’s electrification roadmap, to make a substantial shift to electric buses for public transportation.

The Transjakarta system, which targets 100% electric buses by 2030 and is estimated at 10,047 units, marks a significant development for the future of public transport in the Asean market.

Hyundai Motor Company and INVI Agree on Cooperation Regarding Commercial Electric Vehicles (CEV). (Photo: Hyundai) Young Tack Lee as President of Hyundai Motor Asean stated that Hyundai Motor Company is strategically introducing offers to the Indonesian market, which is famous for its significant number of commercial vehicles. The partnership between Hyundai and INVI, represents significant progress in the development of commercial electric vehicles in the Asean region.

“By combining the expertise of the two companies, this will be a valuable asset in introducing new commercial electric vehicles to the Indonesian market,” said Young Tack Lee, Friday (1/12/2023).

He further said that Hyundai Motor Company will expand its coverage to other markets in the Asean region and take advantage of the experience and developments that have been achieved in Indonesia.

“Our next initial focus will be on Malaysia and Singapore, which are driving the growth of electric vehicles with advanced infrastructure and strong government support. Further expansion will be in the Philippines, considering the large market potential and promising opportunities,” he said.

To ensure the sustainability of electric buses and commercial electric vehicles in the Asean region, Hyundai will build an EV value chain in Indonesia, positioning it as an EV hub.

This includes building a battery cell factory to reduce manufacturing costs, increase market competitiveness, and benefit from local luxury tax exemptions by achieving the targeted Domestic Component Level (TKDN).

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