BRAZIL: Hyundai opens its own plant
Hyundai Motor has opened its own factory in Brazil capable of rolling out 150,000 cars a year. Previously, vehicles were assembled locally by an independent importer and that arrangement continues for some models.
Brazil was the world's fourth-largest car market last year with sales totaling 3.41m vehicles. Car sales are expected to rise to 5m by 2015 to replace Japan in third spot.
Hyunda's new plant in Piracicaba was built on a 1.39 million sq m area and cost US$700m.
"The Brazilian plant will make a large contribution to the country's automotive industry by creating around 5,000 new jobs and nurturing the local parts industry," Hyundai Motor Group chairman Chung Mong-koo was quoted as saying in a press release by Chosun Ilbo.
"Hyundai and Kia sell around 7m vehicles in Korea and overseas while overseas markets account for around 80% of the sales," he added.
The plant exempts Hyundai from the 35% duties Brazil imposes on imported cars. Hyundai now has car plants in China, Russia, India and Brazil, enabling it to adapt more quickly to global and regional economic shocks, analysts said.
The Korean automaker plans is making the HB20 subcompact passenger car at the new plant, a "flex" vehicle that runs on gasoline and bioethanol.
This QUBE report from just-auto provides a comprehensive overview of the global ligth vehicle fuel injection sector, major suppliers, top 14 markets, technology trends and market size forecasts. Use t...
The media days for the 2013 Frankfurt Internationale Automobil-Ausstellung (IAA) are 10 & 11 September. Each of the following vehicles is a world premiere at the show....
Sales of new cars in Germany, Europe's biggest market, grew 3.8% to 284,400 vehicles last month compared with 273,900 in April 2012. It was the first increase for six months and the biggest since Dece...
- THE WEEK THAT WAS: Chinese scoop up Pirelli
- ANALYSIS: Depressed Thai market forces rethink
- ANALYSIS: VW Group - success and succession
- VEHICLE ANALYSIS: A new Volkswagen for the fleets
- ANALYSIS: UK supplier industry perks up
- New York show debuts: Lincoln Continental added
- Tata's Jaguar Land Rover announces GBP 600m spend
- Jaguar unveils second generation XF in London
- Jaguar Land Rover announces Whitley R&D expansion
- Car sharing won't replace car ownership - BMW