Hyundai Motor Group plans to decide on the location of its new European production base by early 2004, officials said on Friday, according to Reuters.
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Hyundai Motor spokesman Jake Jang told Reuters the most likely places are the Czech Republic, Hungary, Poland or Slovakia but he could not confirm a Yonhap news agency report that said the Czech Republic was most likely to be chosen.
Reuters said Hyundai Motor Group plans to build the plant to secure a firmer foothold in Europe where its sales are rising sharply the group’s flagship brand Hyundai saw sales to Europe rise 34.5% in the first half of 2003 from the year ago period.
Jang told Reuters the new plant will eventually have the capacity to produce at least 300,000 units per year, although initial output will likely be smaller, and it will take about two years to build the plant after a place is named.
Key executives from Hyundai Motor and affiliate Kia Motors will spend next week touring possible sites, Reuters added.
