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.
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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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By GlobalData
