Hyundai Motors plans to invest more than $1bn to set-up its first US-based manufacturing site, writes the UK’s Financial Times (2/10/00).
Citing Chung Mong-koo – Chairman and Chief Executive of South Korea`s largest auto-maker – the FT says that Hyundai had not yet selected a site but production was expected to begin in 2003.
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The newspaper says that the auto-maker – currently exporting 450,000 cars to North America per year – is proposing to construct a plant capable of producing 300,000 vehicles per annum.
Mr Chung said that to increase in North American presence, Hyundai would not take advantage of its tie-up with German-US group DaimlerChrysler by using both Chrysler plants and distribution facilities.
The company would instead assemble vehicles at a greenfield site for both its Hyundai and Kia brands, hinted Mr Chung.
