Laxmi Group and Hyundai Motor India Partner for Local Production
Kathmandu, Nepal (India CSR): In a landmark move for Nepal’s automotive industry, Hyundai Motor India Limited (HMIL) and Laxmi Group have inaugurated the country’s first automobile assembly plant. The facility, inaugurated by Nepal’s Prime Minister Pushpa Kamal Dahal, will initially focus on assembling the popular Hyundai VENUE model, with an annual production capacity of 5,000 units.
Boosting Local Economy: This initiative marks a significant step towards bolstering Nepal’s industrial sector. Local assembly will contribute to job creation, technology transfer, and the development of a skilled workforce within the country.
Meeting Growing Demand: The popularity of the Hyundai VENUE in Nepal, coupled with the plant’s production capacity, suggests a strong commitment to meeting local market demands.
Government Support: HMIL acknowledges the supportive role of the Nepalese government in establishing this venture. The company anticipates further incentives to encourage local assembly and foster the automotive industry’s growth.
Strong Partnership: The collaboration between Laxmi Group, Hyundai Motor India, and Hyundai Motor Company (HMC) Korea ensures a robust ecosystem for manufacturing, sales, and after-sales service. Customers can expect the same high standards of quality and support associated with the Hyundai brand.
This initiative not only signifies a major milestone for Nepal’s automotive sector but also highlights Hyundai’s commitment to expanding its presence in South Asia. The local assembly of the VENUE is expected to make the model more accessible to Nepalese customers, further solidifying Hyundai’s position in the market.
Commenting on commencement of assembly, Unsoo Kim, MD & CEO – Hyundai Motor India Limited said, “This plant in Nepal has an installed capacity of assembling 5 000 units annually, and Hyundai VENUE will be the first locally assembled model to roll off the plant. I would like to convey my sincere congratulations to the people of Nepal for this achievement!”
Kim added, “We are immensely grateful to the Hon’ble Prime Minister Shri. Pushpa Kamal Dahal and the Government of Nepal for their unwavering support. We look forward to more encouraging policies and incentives from the Nepal Government aimed at developing a conducive environment for local assembly.”
The commencement of this plant has been possible with the able support of Laxmi Group, local partners, and the essential support from Hyundai Motor Company (HMC), Korea, along with Hyundai Motor India Limited, contributing their expertise in terms of advance technology and transfer of skills. As a result, while Laxmi Group will make and sell Hyundai cars in Nepal, customers can be assured of continued satisfaction and customer experience, with continued collaboration and support on products, technology and quality projects from HMC Korea and Hyundai Motor India.
Key Facts Table: Commencement of Hyundai VENUE Assembly at Nepal’s First Auto Assembly Plant
| Partners | Hyundai Motor India Limited and Laxmi Group |
| Event | Commencement of Nepal’s first automobile assembly plant |
| Inauguration Date | May 10, 2024 |
| Model Assembled | Hyundai VENUE |
| Annual Installed Capacity | 5,000 units |
| Notable Attendees | Pushpa Kamal Dahal, Prime Minister of Nepal; Tae-Young Park, Ambassador of the Republic of Korea in Nepal |
| Comments from Hyundai | Unsoo Kim, MD & CEO of Hyundai Motor India, expressed congratulations to the people of Nepal and gratitude towards the Government of Nepal for their support. |
| Strategic Benefits | Promotion of localization and employment generation in Nepal |
| Collaboration | Local assembly supported by Hyundai Motor Company, Korea, and Hyundai Motor India with technology and skill transfer |
| Role of Laxmi Group | Will manufacture and sell Hyundai cars in Nepal, ensuring product quality and customer satisfaction through ongoing collaboration with Hyundai Motor Company and Hyundai Motor India |
This table summarizes the key details regarding the commencement of the Hyundai VENUE assembly at Nepal’s first automobile assembly plant, highlighting the collaboration between Hyundai Motor India Limited and Laxmi Group and their strategic goals for the venture.
(India CSR)
