April 26, 2024

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[THE INVESTOR] Hyundai Electric and Energy Systems said on Oct. 25 that it has set up a company in Thailand to strengthen its presence in the Asian region.

The new energy solutions unit, along with another one in Singapore, will help the company venture into the region, it said.

The affiliate of Hyundai Heavy Industries aims to log sales of 700 billion won (US$620 million) in 2021 in the growing Southeast Asian region.

In the first nine months of the year, Hyundai E&ES has received orders valued at 32.3 billion won from Asian countries.

Hyundai E&ES was spun off from HHI early this year as part of efforts to boost each business unit‘s competitiveness.

By Alex Lee and newswires (alexlee @heraldcorp.com)