Media reports say that Hyundai Motor is moving ahead with plans for a car manufacturing plant in Europe in order to grow its European sales volume and overcome EU common external tariff (CET) duty barriers.

The company is planning to begin feasibility work next year and an eventual location in low-cost central Europe is seen as likely. The plant would be constructed and come into operation ‘after 2005’ according to comments attributed to company president Kim Dong-Jin.

Hyundai’s overseas expansion plans are in top gear at the moment, with a plant being constructed in the USA (Montgomery, Alabama) and plans to make vehicles at a new plant in China.

The company’s strong export and profitability performance has been undermined lately by the appreciation of the won against the dollar.

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