Hyundai Motor plans to start construction of a EUR1bn ($US1.3bn) car factory in the Czech Republic in November at the earliest, a company official said on Wednesday.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Hyundai, which signed a final deal for the factory with the EU newcomer in May, postponed construction while chairman Chung Mong-koo is on trial for embezzlement. Chung was released on $1m bail in late June, two months after his arrest, Reuters said.
“We are likely to begin construction in November at the earliest, although we have not decided a date for a groundbreaking ceremony yet,” a Hyundai official, who declined to be named, told the news agency by telephone. The company is set to start construction by the end of this year at the latest, he added.
Hyundai has set a target to complete the building of the plant by 2008, produce 300,000 cars and 600,000 transmissions per year and employ 3,500 workers by 2010, when it should reach full capacity, Reuters noted.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
