Hyundai Motor building a car plant in Brazil
Hyundai Motor automaker said it’s building a car plant in Brazil, the first one in Latin America, AFP informs.
"Hyundai Motor is not investing money but shipping our modules to be assembled into cars at the plant in Brazil," Ki Jin-Ho said.
The Carlos Alberto de Oliveira Andrade group, a distributor of Hyundai cars in Brazil, will foot the entire bill for the construction while the South Korean firm supplies it with auto parts, Hyundai spokesman Ki Jin-Ho said.
CAOA was investing 250 million dollars in building the plant at Anapolis, Brasilia, Maeil Business Newspaper said.
The plant, probable to open during the first half of this year, will produce 50,000 vehicles a year by 2009.
Hyundai Motor and Kia Motors, accounts for 70 percent of South Korea's car market and is the world's sixth largest automaker.
About Hyundai
The Hyundai Group (meaning "modern" in Korean), founded by Chung Ju-yung in 1947 as a construction company, was once South Korea's biggest conglomerate (chaebol). The company was split into five business entities on April 1, 2003 including Hyundai Motor Group, Hyundai Group, Hyundai Department Store Group and Hyundai Development Group.
Before restructuring began in 2000, Hyundai's major areas of activity included shipbuilding, car manufacture, construction, retailing, finance, and electronics. After its founder died in 2001, the component companies of Hyundai were split off into separate companies. Although divested of most of the high-profile Hyundai assets, the Hyundai Group still operates. Its most high-profile operation is Hyundai Asan, involved in numerous investment projects in North Korea. Other prominent assets include Hyundai Elevator, Hyundai Merchant Marine, Hyundai Logistics, Hyundai Heavy Industries, Hyundai Corporation, Hyundai Construction and Hyundai Securities. The current CEO is Hyun Chung-eun, widow of the late chairman Chung Mong-hun. Hyundai is also known for the manufacturing of motor vehicles in several countries; the U. S. has been a source market for these cars.
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