Hyundai announces construction of US$ 600 mi plant in Brazil
O Estado de S. Paulo
The South-Korean maker Hyundai Motor announced this Wednesday, 16, it plans on starting building a US$ 600 million plant in Brazil next year. The exact terms have not yet been decided, said the vice-chairman of the company, Chung Eui-sun, at the Frankfurt Motor Show, according a spokesperson of the group. The newspaper Herald Business had informed last Friday, 11, that the construction would start in April of next year and that the production would begin in the first half of 2012. The unit would have initial capacity to produce 100 vehicles a year.
The maker and the Government of the State of São Paulo executed a memorandum of intent in September last year in order to start the construction of the plant in Piracicaba, in November 2008, with plans to start producing in the first half of 2011. The construction, however, has been temporarily put on hold due to the financial crisis.