Hyundai claims that the new plant is the first four wheeler assembly plant for the country. The plant currently has a capacity of producing 5,000 unit
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Hyundai Motor India Limited (HMIL) and Laxmi Group have announced the commencement of local assembly for the Hyundai Venue in Nepal, marking a significant milestone as Nepal’s first four wheeler assembly plant. The inauguration of this plant took place on May 10, 2024, in Nepal, with the Hon’ble Prime Minister of Nepal, Pushpa Kamal Dahal, and Tae-Young Park, the Ambassador of the Republic of Korea, in attendance.
This initiative comes after Hulas Motors, the previous vehicle manufacturer in Nepal, ceased operations due to pollution concerns. Although there have been several two-wheeler assembly plants established since then, Hyundai’s assembly plant is the first for four-wheelers in the country. Unsoo Kim, MD & CEO of Hyundai Motor India, announced that the plant has an annual assembly capacity of 5,000 units, with the Hyundai Venue being the first model to be locally assembled.
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Hyundai Motor and Laxmi Group believe that their industry-first vehicle assembly plant in Nepal will promote localisation and generate employment opportunities. Under the partnership, Laxmi Group will manufacture and sell Hyundai cars in Nepal, with support from HMC Korea and Hyundai Motor India in terms of products, technology, and projects.
Kim expressed optimism about the plant’s future, stating, “We look forward to more encouraging policies and incentives from the Nepal Government aimed at developing a conducive environment for local assembly.” In India, Hyundai has announced its strategic growth plan which includes introducing five electric vehicles (EVs) by 2030. In addition to this, the company also plans to expand its production capacity to to 824,000 units per year.
In April 2024, Hyundai Motor India reported domestic sales of 50,201 units. Interestingly, models such as the Hyundai Creta, Venue, and Exter collectively contributed to 67 per cent of the company’s domestic sales.
First Published Date: 13 May 2024, 15:09 PM IST