Hyundai Motor is reported to have put expansion plans in Brazil on hold, postponing the building of a US$600m assembly plant announced last September due to the global economic slump.

"We plan to put investment plans in Brazil on hold. We have not started the project [there] yet," chief financial officer Chung Tae-hwan told Reuters.

Hyundai would also slow down the building of a factory in Russia, Chung added.