Hyundai Motor is considering either Sao Paulo or Rio de Janeiro as locations for a South American plant according to company officials.
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The Korea Herald newspaper reported that the company had originally chosen a district located 170 kilometres northwest of Sao Paulo, out of four candidates – two districts near Sao Paulo, Rio de Janeiro and Minas Gerais – as the preferred location for the plant.
However, the decision has been put off because the state of Rio de Janeiro offered new terms and incentives, such as an extended period during which the carmaker will receive tax benefits, the newspaper said.
The report said that the carmaker is now postponing a decision to give it time to carry out further consideration of all options.
The final decision is scheduled to be made late next week, and a formal agreement will be made early next month, the report added.
