Hyundai, Stallion partner to make vehicles in Nigeria
Hyundai Motor Company has entered into a partnership agreement with the Stallion Group to manufacture Hyundai passenger and commercial vehicles in Nigeria beginning from April.
Hyundai Motors Nigeria Ltd, a division of Stallion Group, already represents Hyundai’s range of passenger and commercial vehicles in Nigeria and operates an assembly plant in Lagos.
A range of Hyundai passenger models including the i10, i10 Grand, i10 Grand Sedan, ix35 SUV and Elantra will be assembled in Nigeria by Stallion at its facilities from April, a statement from Hyundai company said yesterday.
With regards to the Korean manufacturer’s commercial segment offering, assembly of models including the Hyundai County Bus and the Mighty Truck has already started, the statement said.
Vice President of Hyundai, Africa and Middle East Headquarters, Tom Lee, said: “This agreement with Stallion Group represents a major step forward for Hyundai Motor Company’s expansion into Africa, and our ability to cater to the needs of customers, not only in Nigeria, but around the country as a whole.”
For his part, Sunil Vaswani, Chairman of Stallion Group said, “we are pleased to have tied up with Hyundai which is amongst the world leaders in the automotive industry. Stallion is sincerely committed to investing in the industry, aligning well with Nigeria’s policy initiatives and socioeconomic objectives. Hyundai’s entry at this stage will be a critical catalyst to develop the auto industry ecosystem, complementing the other prime brands we are associated with.”
Hyundai’s foray into the critical sub-Saharan market follows the announcement of a new auto policy in Nigeria, which is intended to spark a major advancement of the country’s automotive industry, and see it emerge as a key regional player.