Hyundai missing out on Indonesia opportunity: Sources
JAKARTA (REUTERS) - Hyundai Motor Co may be missing out on a big opportunity in Indonesia by failing to build a major car factory in the country and paying too little attention to local needs in what has become a key emerging market for global auto makers.
PT Hyundai Indonesia Motor - the South Korean auto maker's exclusive distribution partner - plans to sell 8,000 Hyundai cars this year, grabbing less than 1 per cent of overall auto sales which are expected to grow to 1.25 million cars this year, according to company officials.
One big problem is the lack in its line-up of a small, no-frills multi-purpose vehicle (MPV) to challenge the likes of Toyota Motor Corp's Avanza, according to two people familiar with PT Hyundai Indonesia's operations.
"Hyundai needs to wake up and understand the true potential of Indonesia," one of the sources said, noting that many global brands have invested heavily in the country in recent years.