Wednesday Nov 27, 2024
Wednesday Nov 27, 2024
Tuesday, 13 September 2022 01:06 - - {{hitsCtrl.values.hits}}
Hyundai Motor Company, the world’s sixth largest automobile manufacturer and a leader in future mobility, entered into agreement with Abans Auto, authorising the reputed local automotive retailer to assemble and manufacture Hyundai automobiles and components under license in Sri Lanka.
The agreement was sealed as a result of lengthy discussions initiated in 2020 between the renowned Korean automotive manufacturer and Abans Auto, its authorised distributor in Sri Lanka.
Hyundai has extensive experience in setting up automobile assembly plants across the world and presently operates in eight countries including the US, the Czech Republic and India. Similarly, the proposed assembly plant for Sri Lanka has been designed by Hyundai and incorporates the latest technologies, tools and equipment that conforms to industry 4.0 standards ensuring the maintenance of the brand’s stringent quality expectations.
As a brand, Hyundai is globally renowned for its quality, innovation, and design. In 2020, Hyundai Motor Group was ranked highest in the US initial quality study conducted by J. D. Powers. In terms of design, it won “Red Dot: Brand of the Year 2018” along with four Red Dots and three “Red Dot: Best of the Best” distinctions.
Similarly, Hyundai leads in terms of innovation in future mobility with their Electric and Hydrogen propulsion technologies, gathering awards such as “2020 Future Mobility of the Year” and winning nine honours at “iF Design Award 2022”. As of 2021, Hyundai Motor Group is the world’s third largest automobile manufacturer and leads in numerous major markets such as the US.
Abans’ partnership with Hyundai is to set up a Complete Knocked Down (CKD) vehicle assembly plant that would utilise locally manufactured components, developed and manufactured to Hyundai’s stringent quality standards.
The CKD assembly format was chosen as it offers local industry the maximum potential for industry development. Human capital development, transfer of technology and exposure to industry best practices are a few of the key benefits that can be extruded directly from the project.
In terms of the greater contribution to Sri Lanka’s industry, CKD assembly positions itself as a catalyst for driving and developing local industry to the global stage. Components that are locally manufactured will be developed with the technical expertise and guidance from Hyundai to meet its exacting quality standards, thus promising to provide Sri Lanka’s component manufacturing industry with the necessary global certification and recognition.
As such, the project will see the engagement of several local component manufacturers from the SME sector to meet the localisation demands stipulated in the Ministry of Industries Standard Operating Procedure for local assembly.
