Hyundai Motor Pushes On With Assault on Europe
Hyundai Motor is moving ahead with plans to set up a plant with an annual capacity of 300,000 units in the Czech Republic to cement its foothold in Europe. The plant would boost the production capacity of the group, including its affiliate Kia Motors, to the international top.
When the Czech plant is complete in 2008, Hyundai and Kia will have a combined capacity of some 5.41 million vehicles -- 3 million in Korea and 2.41 million produced abroad.
Hyundai Motor said Friday its chairman Chung Mong-Koo met with Czech Prime Minister Jiri Paroubek in Prague to discuss the plan.
Hyundai is to invest a total of 1 billion euros to establish the plant, possibly in Ostrava, 230 km east of Prague. It wants to start construction next year and begin operations in the latter half of 2008.
The Korean car giant plans to develop and manufacture new models appealing to the European market at the Czech plant. For that purpose it will set up a network linking the Czech plant with the Hyundai Motor Engineering Center in Frankfurt, Germany and Hyundai Motor Europe GmbH to localize the entire production process from planning and design to manufacture and sales.
(englishnews@chosun.com )
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