Tata Daewoo Commercial Vehicles establishes factory in Saudi Arabia to explore Middle East market - South Korean report

South Korean truck manufacturer Tata Daewoo Commercial Vehicles (Tata Daewoo) announced on March 5th that it will be building Saudi Diesel Equipment Co., Ltd., a manufacturer of construction machinery and parts, in Riyadh, Saudi Arabia.
The company announced that it has signed a memorandum of understanding (MOU) with local companies such as SDEC (SDEC) and steel manufacturer Perfect Arabia Factory (PAF) to promote the establishment of a truck assembly plant in the area.
expressed. Tata Daewoo will provide technical support, SDEC will support local truck sales, and PAF will support factory facility management and human resources for vehicle production.
In 2014, Tata Daewoo entered into the Saudi Arabian market by signing a distribution agreement with SDEC. Last year, we exported 670 large trucks, amounting to approximately 48 billion won (approx.
It also recorded sales of 5,389,090,000 yen). With the establishment of this assembly plant, Tata Daewoo aims to export 1,000 vehicles annually to Saudi Arabia.
In the long term, we aim to grow in Saudi Arabia, which is one of the three major export bases, and then expand the market by selling locally produced products to neighboring countries.
I intend to do so. The company has recently been actively expanding its market, including restarting export sales to Algeria. Kim Bang-shin, President of Tata Daewoo, said, ``We will quickly respond to local demand and work together with partner companies.''
We will continue to grow,” he said.