Hyundai drives into Myanmar

Hyundai motor showSouth Korean car maker Hyundai Motor aims to raise its market share in Myanmar to over 15 per cent in the next three or four years, the sole dealer for the automaker in the country said on October 29 according to a Reuters report.

Hyundai Motor, which opened its first showroom in Yangon in August 2013, plans to set up 14 dealerships in major cities by 2018 as it seeks to crack into the small, but growing market dominated by Japanese car makers, Kolao Holdings said.

“Young people in Myanmar who watch Korean dramas visit our showroom and look for cars that were shown in the dramas,” Oh Sei-young, chief executive of Kolao Holdings, said at a media briefing. “Hyundai is really keen on the Myanmar market.”

Myanmar’s car market started to bloom around 2011, after the government of President Thein Sein took over from the military government, allowing some old cars to be swapped for permits to import newer models. Myanmar will have a total 331,468 passenger cars registered this year, up 24 percent from a year earlier, according to Kolao, adding only six out of 1,000 people own cars there.

Most of the cars are Japanese, which dominate most Southeast Asian auto markets such as Indonesia. The likes of Nissan Motor and Ford Motor have raced to gain a foothold in the Myanmar market, spurred by the government’s loosening of import regulations on new cars in 2011.

Hyundai Motor, which sells the Starex van and Elantra small sedan in Myanmar, targets sales of 1,500 cars next year in the country, Oh said.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

South Korean car maker Hyundai Motor aims to raise its market share in Myanmar to over 15 per cent in the next three or four years, the sole dealer for the automaker in the country said on October 29 according to a Reuters report. Hyundai Motor, which opened its first showroom in Yangon in August 2013, plans to set up 14 dealerships in major cities by 2018 as it seeks to crack into the small, but growing market dominated by Japanese car makers, Kolao Holdings said. "Young people in Myanmar who watch Korean dramas visit our showroom and look for...

Hyundai motor showSouth Korean car maker Hyundai Motor aims to raise its market share in Myanmar to over 15 per cent in the next three or four years, the sole dealer for the automaker in the country said on October 29 according to a Reuters report.

Hyundai Motor, which opened its first showroom in Yangon in August 2013, plans to set up 14 dealerships in major cities by 2018 as it seeks to crack into the small, but growing market dominated by Japanese car makers, Kolao Holdings said.

“Young people in Myanmar who watch Korean dramas visit our showroom and look for cars that were shown in the dramas,” Oh Sei-young, chief executive of Kolao Holdings, said at a media briefing. “Hyundai is really keen on the Myanmar market.”

Myanmar’s car market started to bloom around 2011, after the government of President Thein Sein took over from the military government, allowing some old cars to be swapped for permits to import newer models. Myanmar will have a total 331,468 passenger cars registered this year, up 24 percent from a year earlier, according to Kolao, adding only six out of 1,000 people own cars there.

Most of the cars are Japanese, which dominate most Southeast Asian auto markets such as Indonesia. The likes of Nissan Motor and Ford Motor have raced to gain a foothold in the Myanmar market, spurred by the government’s loosening of import regulations on new cars in 2011.

Hyundai Motor, which sells the Starex van and Elantra small sedan in Myanmar, targets sales of 1,500 cars next year in the country, Oh said.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

NO COMMENTS

Leave a Reply