Government is making preparations for the transformation of the automotive industry, which will see the mainstreaming of electric vehicles in the local market.
It is projected that the global industry will transition from combustion engines to electric vehicle technology within the next 10 years as technology drives the evolution of the sector.
Prime Minister, the Most Hon. Andrew Holness, said that the Administration is “moving very quickly to put in place the regulatory and legislative environment” to support the development.
This includes facilitating the installation of the necessary infrastructure to accommodate the new technology.
“We are existing in an age where we are fortunate to see the transition of technology. The fact that we are existing at a time when these high technologies are widely available means that Jamaica can leapfrog. With the old infrastructure that we have, we can easily and very quickly put in new infrastructure,” Mr. Holness said.
He said that the Government is also looking at providing fiscal incentives to encourage the market to move in this direction.
The Prime Minister was speaking at the official launch of Magna Motors Dealership Limited’s (Hyundai) new state-of-the-art facility and seventh anniversary celebrations on Thursday (May 12) at the entity’s Oxford Road address, St. Andrew.
Noting that Magna Motors now holds 11.5 per cent share of the Jamaica automobile market, the Prime Minister congratulated the company for its successes and expressed confidence in its ability to lead the way in the new direction of the industry.
Chief Executive Officer (CEO), Magna Motors, Erick Gutierrez, said that while the Hyundai brand has enjoyed success in the Jamaican market, it is always seeking to improve on its performance. The company is poised to enter the driverless market.
“For the past seven years, we have remained resolute in bringing the global Hyundai modern-premium philosophy to the Jamaican landscape,” he said.
The new facility, located on 2.52 acres of land, offers the full range of services for maintenance and repair, a unit for pre-owned vehicles, a new parts department and a ‘Kids Zone’.
It also boasts showroom space for its vehicles and 12 servicing bays with the capacity to serve up to 100 customers daily.
Magna Motors Dealership has been the exclusive distributor of Hyundai vehicles in Jamaica since 2015.
The global brand received more than 110 awards in 2021, ranging from design to sustainability. This is the highest number of accolades the brand has ever received in a single calendar year.