Hyundai comes to the rescue of Angola’s hailing economy with a plan to build a factory to assemble heavy-duty vehicles

Hyundai comes to the rescue of Angola’s hailing economy with a plan to build a factory to assemble heavy-duty vehicles

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Hyundai comes to the rescue of Angola’s hailing economy with a plan to build a factory to assemble heavy-duty vehicles
<ul><li><strong>Hyundai has announced plans to build a factory in Angola to assemble heavy-duty vehicles. </strong></li><li><strong>Seong Kwon Han, the group’s sales director for commercial vehicles said the plant would initially oversee the assembly of buses and trucks.</strong></li><li><strong>A global slump in the price of crude and the failure of the authorities to diversify the economy, has plunged […]
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<ul><li><strong>Hyundai has announced plans to build a factory in Angola to assemble heavy-duty vehicles. </strong></li><li><strong>Seong Kwon Han, the group’s sales director for commercial vehicles said the plant would initially oversee the assembly of buses and trucks.</strong></li><li><strong>A global slump in the price of crude and the failure of the authorities to diversify the economy, has plunged Angola into a serious financial crisis.</strong></li></ul>

<p class=""><strong>South Korean automotive manufacturer Hyundai Motors has come to the rescue of Angola’s hailing economy with a proposal to set up the company’s first car factory in the country.</strong></p>

<p class="">Hyundai has announced plans to build a factory in Angola to assemble heavy-duty vehicles as it moves to help the oil-rich African nation diversify her economy from oil-based to expanding her manufacturing sector.</p>

<figure class="image" align="center"> <img src="http://ocdn.eu/images/pulscms/NzQ7MDA_/c1efd4a938407a3f93382a04aa42e312.jpg" alt="The logo of Hyundai Motors is seen on a steering wheel of a all-new Sonata sedan on display at the company’s headquarters in Seoul."> <figcaption>The logo of Hyundai Motors is seen on a steering wheel of a all-new Sonata sedan on display at the company’s headquarters in Seoul.</figcaption> </figure>

<p class="">Seong Kwon Han, the group’s sales director for commercial vehicles said the plant would initially oversee the assembly of buses and trucks.</p>

<p class=""><em>“We analysed the strategy and the pricing policy, as well as the quality of the spare parts that will support the assembly process,”</em> he said.</p>

<p class="">The company has not said where the assembly plant will be located or when it plans to start operations as negotiations with the Angolan government are ongoing.</p>

<figure class="image" align="center"> <img src="http://ocdn.eu/images/pulscms/MjI7MDA_/a878f88ee081b1dcf47e0bb52c598efd.jpg" alt="Kaombo Norte floating oil platform is seen from a helicopter off the coast of Angola, November 8, 2018."> <figcaption>Kaombo Norte floating oil platform is seen from a helicopter off the coast of Angola, November 8, 2018.</figcaption> </figure>

<p class="">Angola’s economy is currently struggling following a slump in the prices of crude oil.</p>

<p class="">After the end of Angola’s bloody civil war in 2002, the country enjoyed a decade of rapid growth fuelled by its booming oil sector.</p>

<p class="">But in 2014, a global slump in the price of crude, which accounts for 70% of government revenues, and the failure of the authorities to diversify the economy, plunged Angola into a serious financial crisis.</p>

<figure class="image" align="center"> <img src="http://ocdn.eu/images/pulscms/Yjc7MDA_/ce1240fd261f7595306832996f46fa5a.jpg" alt="Cars drive past the Ruacana Cinema in Huambo, Angola’s second city, 600 km (373 miles) southeast of Luanda."> <figcaption>Cars drive past the Ruacana Cinema in Huambo, Angola’s second city, 600 km (373 miles) southeast of Luanda.</figcaption> </figure>

<p class="">Despite the crisis, however, it is not likely that Angola will reduce its focus on exploring oil. Another deep-water oil reserve estimated to hold up to 650 million barrels was recently found 180-km off-shore by Italy’s Ente Nazionale Idrocarburi (ENI).</p>

<p class="">One year after the election of President Joao Lourenco, the oil-rich nation is still waiting for the economic "miracle" that he promised on the campaign trail.</p>

<figure class="image" align="center"> <img src="http://ocdn.eu/images/pulscms/NDM7MDA_/12daeb208950a4d206186ccce31a1cdf.jpg" alt="Angola’s President Joao Lourenco."> <figcaption>Angola’s President Joao Lourenco.</figcaption> </figure>

<p class="">Angola’s proposed heavy-duty plant comes in the back of the Asian car manufacturer opening its <a href="https://www.pulselive.co.ke/bi/finance/hyundai-motor-co-opens-its-first-factory-in-east-africa/9fybyg0" id="ff698013-86f9-4660-a0d7-9252cf543d20">first car assembly plant in East Africa.</a></p>

<p class="">On February, Hyundai officially opened its first car assembly plant with a capacity to produce 10,000 vehicles in eight different models per year at the Ethiopian capital Addis Ababa.</p>

<figure class="image" align="center"> <img src="http://ocdn.eu/images/pulscms/YzQ7MDA_/c125e7d0fc1f55caddc2ce1c45816011.jpg" alt="An employee assembles a Hyundai car in Hyundai Marathon Motor assembly plant on the outskirt of Addis Ababa."> <figcaption>An employee assembles a Hyundai car in Hyundai Marathon Motor assembly plant on the outskirt of Addis Ababa.</figcaption> </figure>

<p class="">Passenger hatchback cars and trucks are some of the vehicles that are expected to roll off the assembly line at the plant, which was established at a cost of half a billion Birr, located just outside of the capital.</p>

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