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Old November 12th, 2003, 11:38 AM   #1
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AUTOMOTIVE MALAYSIA | News, Pics & Discussion

http://www.theedgedaily.com/article.cfm?id=26431

Audi to set up regional assembly plant
By Kevin Tan, 11.48pm

German carmaker Audi AG is scouting for a suitable location in Southeast Asia, including Malaysia, to set up a production facility to serve the region, says its Asia Pacific director Dominique Boesch.

The assembly plant would help to spur sales of Audi cars in Malaysia, as the company had set its sights on a 10 per cent share of the country's luxury car market by 2008, Boesch told reporters after the launch of three new Audi models in Shah Alam on Nov 11.

He said Audi was "investigating all the countries involved with the Asean Free Trade Area." He declined to indicate the amount to be invested in the project.

"It's just an investigation and there is no conclusion yet," Boesch said, adding that the company would probably make a decision on the matter some time in the first quarter of 2004.

He said Audi could either start the operations from scratch or take over an existing facility in the region, but the investment should be justified by sales of at least 10,000 units a year.

Boesch said last year, Audi sales in Southeast Asia increased by 12 per cent to 8,000 units compared to the previous year. The company had sold 4,300 units in the first half of 2003 and was confident of selling about 9,000 units by year-end, he added.

Audi's new distributor Euromobil Sdn Bhd, a subsidiary of Edaran Otomobil Nasional Bhd, today unveiled the A4 1.8T, A6 1.8T and TT Coupe with unit selling prices (without insurance) at RM220,024, RM283,938 and RM325,033 respectively.

"We are looking at a sales target of at least 200 units in 2004 and hoping to increase the Audi market share in the luxury car segment up to 10 per cent by 2008," said EON managing director Datuk Adzmi Abdul Wahab.

He said Euromobil had bought a 7.9ha land in Shah Alam to build a customer facility called "Audi Hangar" that would house a showroom and after sales service and spare part centre.

The facility and the land - estimated to cost about RM30 million - was expected to be ready by the middle of next year, Adzmi said.
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Old February 21st, 2004, 09:14 AM   #2
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AUTOMOTIVE NEWS - Anything else but Proton

Auto - Firing on all cylinders





By DARSHINI M. NATHAN and JOSE BARROCK




IN a recent informal chat session, Perusahaan Otomobil Nasional Bhd chief executive officer Tengku Tan Sri Mahaleel Tengku Ariff admitted that Proton was largely prepared for the intensifying competition that will hit the auto industry except for this – the Korean factor.

He isn't exaggerating. Korean car Hyundai's market share has risen from 1 per cent in 2002 to 5 per cent a year later. And that has happened at the expense of Proton's slice, which has fallen from 59 per cent to 46 per cent over that period.

Just how exactly has the South Korean car maker Hyundai managed to achieve this? Clearly, by attacking the soft underbelly of other car makers – cost. Hyundai's strongest appeal is its value proposition to potential car buyers – it can offer quality at affordable prices.




A global force

Globally, Hyundai Motor Co Ltd has become a force to be reckoned with. The South Korea-based automobile manufacturer is currently the sixth largest motor company in the world, an enviable position considering the company was considered a minnow in the industry up until just recently.

Last year, Hyundai Motor's exports alone surpassed the one million mark and the company raked in net profits of some US$1.5 billion on the back of US$21.5 billion in sales, up some 21 per cent and 1.6 per cent, respectively, from the previous year.

The bulk of the company's exports were to the US market. Hyundai car sales in US rose 7 per cent in 2003 from the previous year.

But Hyundai's success is not restricted to the US market – a market which has long made fun of this Korean upstart.

Having expected a flattish growth for Korea's domestic demand for cars, Hyundai Motor has as far back as two years ago been aggressively looking abroad, anchoring its efforts in Asia.



A year later

Back in Malaysia, Hyundai has revved up sales significantly which has driven it to second position (after Toyota) in the non-national segment in 2003 from fourth position a year ago.

In terms of passenger vehicle sales, it trails only national marques Perusahaan Otomobil Nasional Bhd (Proton) and Perusahaan Otomobil Kedua Sdn Bhd (Perodua).


In its prospectus launched late last year, Hyundai-Berjaya projected a net profit of RM56 million based on unit sales of 17,200 vehicles for the full year ending April 2004.

It should be a cakewalk for Hyundai-Berjaya to surpass this projection. In the first half of FY04 alone, the group has posted net profits of RM50 million on the back of RM512 million sales. Over this period, it sold 9,771 units, mostly CBU models with higher profit margins.

(Hyundai-Berjaya undertook a reverse takeover of Practice Note 4 Transwater Corp Bhd to gain listing on the local bourse in November last year)

Hyundai-Berjaya officials may be bullish but they'd rather have the numbers speak for themselves. Managing director Datuk Ben Yeoh tells BizWeek: “We have not made any claims about being in third or fourth position or even about being the best selling foreign car. We are very low key because our whole objective is to do a viable business here”.

While this may be the case, the fact that Hyundai-Berjaya has broken into the medium-priced segment that has traditionally been the domain of Proton, and as a result gained a six per cent share of the total passenger car market, has ruffled some feathers in the local automotive industry.

It helps little that the new car tax structure announced by the government at the start of this year has added pressure on motor players to outdo each other in terms of pricing.

Thus, to say the local auto industry is highly competitive currently is a gross understatement. But as some players bicker over distribution agreements and lament the tax implications of the revised tax structure on their product line-ups, Hyundai-Berjaya has quietly sneaked up to gain a bigger share of the market.

If the interview with Yeoh is an indication, it appears this is just the tip of the iceberg.

“Last year, we sold about 16,000 units, of which more than 10,000 units were made up of Inokom's Atos, with CBU (completely built up) Hyundai units bringing up the balance”.

“This year, we are looking at sale of some 20,000 units. We expect to do about the same volume for the Atos but the introduction of the Matrix in CKD (completely knocked down) form should add another 5,000 to 6,000 units to our sales this year. We will probably do the same with the Getz towards the end of this year,” he says.



Banking on pricing

Indeed, Hyundai-Berjaya is banking on the competitive pricing of its CKD Matrix to give an added boost to sales this year. This is understandable given that the CKD version will be priced between RM71,000 and RM72,000, or some RM5,000 to RM6,000 cheaper than the CBU version currently.

An analyst with TA Securities is quite convinced that the new CKD Matrix will spur Hyundai-Berjaya’s growth in its April 2005 financial year.

“We forecast some 4,400 Matrix cars being sold in the next financial year. But demand will also largely depend on pricing as Proton is coming out with another two new models this year. The local assembly though should help reduce prices,” she says.

Yeoh repeatedly stresses the point that Hyundai is not in direct competition with the national car manufacturers.

“We give a new motoring concept to consumers ... a new lifestyle. Our popularity stems from us creating a new segment, the multi-utility vehicle which can be used as passenger cars or as utility vehicles.

But a motor analyst with a foreign brokerage points out that the fact that it has been aggressively going after the entry level (with its Atos) and mid-range (with the Matrix and Getz) segments makes it hard to alter this perception.

Malaysia, a dumping ground?

The pricing of Hyundai's product range has become a contentious issue among industry players, with some claiming that Hyundai Motor Co uses Malaysia as a dumping ground for its products.

As one observer puts it: “It's amazing how they have been able to offer such cars at such cheap prices”.

Yeoh, seemingly unperturbed by the accusations, goes on to explain that the company's strategy in Malaysia since day one has enabled a competitive pricing strategy.

“We import those CBU units with much lower specifications. The cars come in without air conditioning, which would otherwise cost US$300, without audio and alarm systems, alloy wheels, tyres and other accessories. As a result, we do a lot of value-added activities once the cars arrive here,” he explains, adding that the profit margin for its CKD units is anywhere between 5 per cent and 6 per cent.



Maximising existing capacity

It can be argued that Hyundai-Berjaya operates as a very lean company. According to Yeoh, the group has a total workforce of 200 for an RM1 billion turnover operation.

“Our whole strategy since we came into the industry has been to maximise existing distribution network and manufacturing capacity available to us. As a result, the only re-investment we have made is in the Inokom plant where we upgraded it to support the level of quality required for the products we are marketing,” he says.

On the distribution side, it has avoided incurring additional overheads by selling a lot of its cars through used car dealers.

Hyundai's operations in Malaysia began in 1993 when Hyumal Motor Sdn Bhd acquired the franchise. Hyumal is 20 per cent owned by Berjaya Group – a company controlled by Tan Sri Vincent Tan. Tan also has a direct 10 per cent interest in Hyumal.

Some three years later, the Berjaya group entered into a joint venture with Hyundai Motor Co to produce light commercial vehicles via Inokom Corp Sdn Bhd – the JV company.


Nothing much, however, came out of the JV as the economic crisis coupled with the lacklustre demand for commercial vehicles at the time rendered Inokom technically insolvent.

As a result, in 1999, a new management team (Hyundai-Berjaya Sdn Bhd) headed by Yeoh was set up to undertake the management and distribution of the existing Hyundai franchise from Hyumal, which is currently involved in the direct importation of CBU products for distribution by Hyundai-Berjaya.

In 2002, Hyundai-Berjaya collaborated with Inokom to manufacture the Atos under a technical licence from Hyundai Motor Co. With this, it became the exclusive distributor of products manufactured by Inokom.

“Because light commercial vehicles could not generate the kind of volume needed to support the operations of a plant that size, we injected projects into the plant to keep it going,” Yeoh explains.



Win-win situation

With new life breathed into Inokom, the company now expects to return to the black by end-year. Its Kulim plant in Kedah is running at a 60 per cent capacity utilisation rate. Inokom was granted national manufacturer status in 1996 when it undertook to make light commercial vehicles.

This worked out quite well for Hyundai-Berjaya's Atos. Firstly, there was a readily available manufacturing plant and secondly, due to Inokom's national status, Atos was granted a 50 per cent discount on excise duty, similar to the one enjoyed by Proton and Perodua.


It remains to be seen if the soon-to-be locally made Matrix will enjoy the same privilege by virtue of the fact that it will be manufactured under the Inokom branding.

At any rate, the preferential tax treatment is only valid till the end of this year. After 2004, at this point, is anybody's guess.

On the CKD side, there is the arrangement with Oriental Holding Bhd which undertakes the assembly and distribution of Hyundai sedans, namely the Elantra, Sonata and Accent, via Oriental Hyundai Sdn Bhd.

“When Oriental lost the Honda franchise, they were left with a lot of manufacturing capacity and facilities. We, on the other hand, had a franchise we wanted to expand quickly. So, obviously there were synergies.


“The products that Oriental Hyundai distributes now are quite similar to the ones they were retailing and marketing when they had the Honda franchise. In future, if we have a product line which we feel their dealer network will be more equipped to retail, then we will introduce such product lines through Oriental Hyundai,” Yeoh says.
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Old February 21st, 2004, 10:22 AM   #3
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Hundyai was seen as a cheap and unreliable car maker joining the rank of Yugo, Lada, Skoda etc in the nineties..now they've come a long way. How's the spare parts ar..cheap or not

I've seen KIA spectra up close..very nice car.

Question to all. If you have RM200 000 in your pocket, what kind of cars would you buy?

I want a Ford Focus but feel it's too small. I've got no prob with a SUV too. Something sporty, powerful doesn't feel like executive sedans like Accord, Camry in that range(Rm200k)

I see all new cars are fitted with auto transmission new trend?? expecially the upper range one..
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Old February 21st, 2004, 10:37 AM   #4
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Quote:
Originally posted by hypermount

Hundyai was seen as a cheap and unreliable car maker joining the rank of Yugo, Lada, Skoda etc in the nineties..now they've come a long way. How's the spare parts ar..cheap or not

I've seen KIA spectra up close..very nice car.

Question to all. If you have RM200 000 in your pocket, what kind of cars would you buy?

I want a Ford Focus but feel it's too small. I've got no prob with a SUV too. Something sporty, powerful doesn't feel like executive sedans like Accord, Camry in that range(Rm200k)


wah....200,000 ah? I'll ad another 19,000 and get a BMW 318!

Or else I'll rather get an Accord 3.0 litre V6!
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Old February 21st, 2004, 10:41 AM   #5
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BMW mantainance cheap or not :p?
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Old February 21st, 2004, 10:42 AM   #6
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Quote:
Originally posted by hypermount



I see all new cars are fitted with auto transmission new trend?? expecially the upper range one..
Not new trend but auto transmission are now on par (if not better) than manual. This is debatable as those seeking for 'thrill' would want a manual trans but then again they should get a sports car like Lotus Elise or a Ferari. Or else auto would be a good choice.

Good auto transmission could change gear much more efficiently than a driver using manual would. Looks at all the sporty Mercs and BMWs - all comes in auto these days!

.....plua they dun have to suffer from traffic jam......most of my friend whom get manual cars are now regretting - they wanna change to an auto car now
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Old February 21st, 2004, 10:44 AM   #7
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Quote:
Originally posted by hypermount

BMW mantainance cheap or not :p?
Not cheap but at least you dun need to fix that much as the QC is definitely better than Japanese or Korean cars

Plus the service at the Service Ctr is superb
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Old February 21st, 2004, 10:51 AM   #8
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I get it...don't change properly the gear will spoilt your expensive precious beautiful car..

BMW all the way lah like that. I like 318 also.

Chevrolet good or not spec Optra one...scare not easily to get parts.
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Old February 21st, 2004, 10:52 AM   #9
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Chevrolet in Malaysia all assembled in Thailand

But very cheap also.
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Old February 21st, 2004, 11:01 AM   #10
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Quote:
Originally posted by hypermount

I get it...don't change properly the gear will spoilt your expensive precious beautiful car..

BMW all the way lah like that. I like 318 also.

Chevrolet good or not spec Optra one...scare not easily to get parts.
Actually all Chevys in Malaysia are Daewoo models as GM bought over Daewoo mah. So I think Korean parts would definitely be available in abundance once we have a sizeable number of Chevys on the road.

Anyway DRB-HIcom is gonna make Chevy a brand to reckon with in the local market.
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Old February 21st, 2004, 11:12 AM   #11
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Auto - Outlook of non nationals



Bullish best describes the Malaysia Automotive Association's (MAA) outlook for auto sales this year. The MAA has targeted a five per cent increase in motor vehicle sales this year to 425,000 units. It estimates that passenger car sales, commercial vehicles and four wheel drives will grow by 4.4 per cent, 8 per cent and 4.8 per cent respectively in 2004.

However, the association rarely provides a breakdown of national and non-national vehicles in its sales forecasts.

Analyst are mostly in the dark, uncertain as to how foreign marques will perform with the launch of Perusahaan Otomobil Nasional Bhd's new car, Gen.2, which reportedly has already seen orders amounting to some 5,000 units pouring in within just two days of its launch on Feb 6.

“There are too many issues still hanging. The amount of protection the government will continue to accord to national cars and the selling price of the new Asean car to be launched next year by Perodua (Perusahaan Otomobil Kedua Sdn Bhd), all make it difficult to forecast,” says an analyst from TA Securities Sdn Bhd.


In addition, the long-awaited launch of Proton's Gen.2, which is expected to bring a halt to the increasing sales figures of non-national cars and bring back some amount of cheer to Proton's dwindling fortunes was launched some two weeks ago.

With Proton expected to outperform, one analyst aptly says that there will be no winners among the non-national cars.

“The landscape going forward is the same as in all liberalisations. The balance shifts to the consumers from producers. The non-national cars will have to fight at the expense of margins to gain market share from the national marques. Thus due to the lower prices afforded, the outcome may be negative across the board for non-national cars. Revenue growth will be nowhere near volume growth,” an analyst from a foreign brokerage says.

“The playing field is unlikely to be level with the government's protection of the national motor industry, as such the outlook for the non national motor sector could be only neutral leaning towards negative,” he adds.

Another analyst adds that it is likely that Proton will substitute the new Campro engine into earlier models like the Wira with a facelift. “There is no limit to what Proton can do now that the new engine has been released. The older models with the new engine may even be exported to regional countries at an extremely low cost. Proton seems to be on a good footing. Proton will be back with a vengeance ? trying to make up for lost sales, meaning the other auto companies may see their numbers shrinking,” one analyst from a foreign brokerage adds.

Still, it is easy to find staunch supporters of Hyundai-Berjaya. Edward Ong of ING Financial Markets is clearly bullish on the group. “It is my top pick in the automobile sector,” he says adding that he has a fair value of RM4.10 on the stock.

“The product is fantastic, distribution is good and after sales service is great ? all the necessary ingredients for a successful auto product,” Ong of ING Financial Markets says.

The analyst from TA Securities is also bullish on the Hyundai-Berjaya. She has a fair value of RM3.30 on the company's stock and a buy call on the counter.

“Hyundai-Berjaya's Matrix should be well received. Perhaps even in the region of 500 to 600 vehicles may be sold a month.” She forecasts Hyundai-Berjaya selling between 22,000 to 23,000 units for the financial year ending April 2005.

Helping the sales target may be the recent appointment of Edaran Otomobil Nasional Bhd (EON) as the distributor for the Hyundai Atos. EON has some 180 sales outlets throughout Malaysia, which may possibly increase Hyundai sales in the outskirts.


According to Reuters Estimates, Hyundai-Berjaya is forecast to post net profits of RM75 million on the back of RM120 million sales in FY04. In FY05, it has forecast an 11 per cent and 7 per cent growth in net profit and sales respectively for the auto company.

Despite the bullish outlook, Hyundai-Berjaya's share price has been lagging. It hit a high of RM5 on its first day on the bourse when it assumed Transwater Corp Bhd's listing on Nov 11 last year. Since then, however, the company's stock has shed some 46 per cent to close at RM2.68 on Thursday.

The lack lustre performance of the share price however may pick up once the company is transferred to the main board of the Malaysian Securities Exchange Board. The transfer is scheduled to take place end February.

“Right now, there are institutional funds that like the stock but are unable to swoop in as it is a second board company,” an analyst with a foreign research house says.

To facilitate the transfer, Hyundai-Berjaya has undertaken a renounceable rights issue of up to 67.8 million RM1 shares together with up to 67.8 million free detachable warrants at an issue price of RM1. The warrants will be issued on the basis of one free warrant for every three rights shares and three warrants for every five shares held.

Proceeds from the rights issue will be used to repay borrowings, leaving Hyundai-Berjaya in a net cash position of some RM30 million.
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Old February 21st, 2004, 11:14 AM   #12
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I'll go for Mits airtrek if I have 200,000..the rest can keep!
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Old February 21st, 2004, 11:57 AM   #13
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Quote:
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I'll go for Mits airtrek if I have 200,000..the rest can keep!

haha...that's a good one

I like Airtrek a lot too!
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Old February 21st, 2004, 02:07 PM   #14
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BMW 3-series 318!

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Old February 21st, 2004, 02:11 PM   #15
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What is valvetronic...got two 318 models, valvetronic and auto.
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Old February 21st, 2004, 02:13 PM   #16
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2-door version! beauty

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Old February 21st, 2004, 02:16 PM   #17
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4X4 SUV like Airtrek fuel consumption high or not...how about your Kembara Szehoong.
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Old February 21st, 2004, 02:21 PM   #18
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I see a lot of Honda-CRV on roads these days.
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Old February 21st, 2004, 02:22 PM   #19
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Mitsubishi Airtrek!

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Old February 21st, 2004, 02:25 PM   #20
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Airtrek!

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