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Hyundai to reenter Thai auto market
South Korean automaker Hyundai has officially announced its reentry into the Thai market with the establishment of Hyundai Motor (Thailand), a joint venture between Japanese trading company Sojitz and local Thai investors.
Hyundai Motor (Thailand) president Yoshizumi Kurata said the company had registered capital of Bt400 million and was the first Hyundai distributorship run by Sojitz in Asia. The company has 60 staff.
Sojitz operates Hyundai's distributorships in such South American countries as Venezuela, Brazil, Colombia and Argentina.
Kurata refused to reveal the names of the Thai shareholders but confirmed that former distributor Phra Nakorn Automobile, run by the Jungsanguanpornsuk family, was not involved.
The company plans to launch three models in the fourth quarter.
The Sonata midsized sedan will be assembled locally at the Thonburi Automotive Assembly Plant (TAAP) in Samut Prakan, which also assembles MercedesBenz cars for DaimlerChrysler (Thailand) and plans to assemble Tata vehicles from India.
The two other models will be the Santa Fe sportutility vehicle (SUV) and the Coupe twodoor compact sports car, both to be imported as completely builtup units from South Korea.
- The Nation
Kingsley Wijayasinha
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