Hyundai Construction Equipment makes forays into East Africa with NEFC deal

EAST AFRICA – Hyundai Construction Equipment (HCE), an affiliate of the Hyundai Heavy Industries Group, has signed a distributorship agreement with construction equipment dealer NEFC, a move that is set to accelerate its forays into the East African market including Ethiopia, Djibouti, Somalia, Somaliland, and South Sudan. NEFC, which operates many businesses, such as construction, mining, hospitality, aviation, and aviation, is owned by Mohammed Hussein Al Amoudi, Ethiopian- Saudi billionaire businessman who is said to be one of the richest businessmen in the world. As such, NEFC is considered the most influential construction…

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Marathon Motors introduces first electric car assembled locally

ETHIOPIA – Marathon Motors, a car engineering company owned by of Olympic record holder Ethiopian athlete and investor, Athlete Haile Gebrselassie, has introduced the first electric car assembled in Ethiopia. The new electric automobile assembled in Ethiopia will be from South Korea’s the major car manufacturer, Hyundai. The car can be charged at home like a cellphone and can travel 304 kilometres after fully charged. In addition, a 50 kilowatts portable charger can also charge the car fully in 30 minutes. When the production of the car increases, Marathon Motors…

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Hyundai appoints Bang Sun Jeong as Vice President of Africa and Middle East

AFRICA – Hyundai Motor Company has announced the appointment of Bang Sun Jeong as the new Vice President of the Middle East and Africa region. Jeong replaces Mike Song, who recently got promoted, and will now work with the Genesis Division Headquarters. According to the company, Jeong will oversee the day-to-day operations and will be responsible for strengthening Hyundai’s presence and brand value across the region. Prior to this appointment, Jeong worked as Hyundai’s Vice President of Asia Pacific, Africa and the Middle East Operations Division and also held the…

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South Korean automotive manufacturing giant, Hyundai to set up car plant, refurbish oil refineries in Nigeria

NIGERIA – Hyundai Engineering Company Limited said on Tuesday that it was on the verge of setting up a car plant in Nigeria. The South Korean firm also said it would invest in the rehabilitation of the country’s petroleum refineries. President/Chief Executive Officer of Hyundai Engineering, Mr Chang Hag Kim, stated these during a visit to the President, Major General Muhammadu Buhari (retd.), at the State House, Abuja. Buhari, while welcoming the proposal, promised that the Federal Government would give the appropriate support necessary to enable Hyundai realise its plans…

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Hyundai Motor Group enters race to develop self-driving cars with a US$35 billion investment in future automotive tech

KOREA – Hyundai Motor Group, South Korea’s top automaker has revealed its plans to invest US$34.65 billion (41 trillion won) in mobility technology and strategic investments by 2025. The investment will enable the automaker to accelerate its attempts to catch up in the self-driving car race that already has major car manufacturers like Volkswagen, General Motors, BMW and Toyota. The plan, which Hyundai said encompassed autonomous, connected and electric vehicles, comes after the company and two of its affiliates announced an investment of $1.6 billion in a joint venture with…

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