INOKOM TO MANUFACTURE FOURTH MODEL
Kuala Lumpur, Friday, 9 December 2005 –
A Technical License Agreement was signed this morning between Hyundai Motor Company (HMC) and Inokom Corporation Sdn. Bhd. (INOKOM), allowing INOKOM to manufacture a super-mini category vehicle codenamed “TB” in collaboration with HMC.
The “TB” will be the fourth model after the Atos, Lorimas and Matrix that will be locally manufactured. The first “TB” (local name yet to be confirmed) is targeted to roll out of the INOKOM plant in Kulim, Kedah in mid-2006.
Currently, the “TB” model under the name of Getz is fully imported by Hyundai-Sime Darby Motors Sdn. Bhd., a member of the Sime Darby Group and to date, the super-mini category 5-door hatchback has sold about 12,000 units in Malaysia alone. Its success is due to its niche positioning – between the compact Atos and the family Matrix models. The overwhelming response has prompted HYUNDAI vehicle distributor, Hyundai-Sime Darby Motors Sdn. Bhd. to collaborate with INOKOM to manufacture the “TB” model to increase market share and reduce cost.
Representing HMC at the signing ceremony was Mr. Choi Jae Kook, President of HMC while Y. Bhg. Dato’ Ahmad Zubir Murshid, Group Chief Executive, Sime Darby Berhad and Chairman of INOKOM represented INOKOM.
“Today’s signing of yet another Technical License Agreement marks HMC’s serious commitment and involvement in Malaysia,” said Y. Bhg. Dato’ Zubir. He further elaborated that the increased number of Hyundai models manufactured and assembled locally contributes to the wealth of the local automotive industry and provides a very potent alternate source of automotive technology in assisting Malaysia to be the hub of the automotive industry in this region as envisaged by the recently announced National Automotive Policy.
HMC is one of the fastest growing automobile manufacturers in the world. It aims to be among the top five by the year 2010. Currently, the annual production of motor vehicles exceeds 2.5 million units.
INOKOM, now a member of the Sime Darby Group, started operations in 1998 and to date, more than RM180 million has been invested to upgrade the production facilities including a robotic spray painting booth, more assembly lines, bigger factory space, warehousing facilities, R&D and testing facilities are now being incorporated. Its operations have also contributed significantly to the economic growth of the area and greater employment opportunities for people in Northern Peninsular Malaysia.
