Hyundai Motor has confirmed plans to build its first South American auto manufacturing plant in Brazil.
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The company will invest US$600m in a plant in the city of Piracicaba, about 157 kilometers northwest of the Brazilian capital, the company said.
When construction is completed in 2011, the new plant will have an annual production capacity of 100,000 vehicles and create some 4,000 jobs, according to the statement.
Brazil’s Hyundai-Kia importer Group Caoa last year opened a factory in Anápolis, State of Goiás, to assemble the Hyundai HR light truck and will add the Tucson.
This small SUV was the most popular foreign nameplate sold in Brazil last year among imported fully-assembled models not exempt from import duty (which applies only to vehicles from Argentina and Mexico).
