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Hyundai expands in Europe

Hyundai is to invest €1.3 billion (£885 million) in a new European production site at Nosovice in the Czech Republic.

A new subsidiary, “Hyundai Motor Manufacturing Czech”, will run the site, construction of which will start before the end of the year, with production of the company’s first European built cars scheduled to start in October 2008.

The factory’s initial annual output will be 200,000 passenger cars and SUVs plus 600,000 transmission gear boxes. From 2011, the production volume will be increased to 300,000 units annually, including the production of multipurpose vehicles (MPV).

The production site could create up to 3,500 jobs.

Construction or enlargement of their sites will create another 3,000 jobs. Hyundai estimates that the overall direct and indirect employment potential will be around 10,000 workplaces in the Czech Republic and neighbouring countries.

Speaking at the British International Motor Show in London, Hyundai Motor Europe’s vice president, Gerry Dorizas said: “This comprehensive investment is a core element of our worldwide growth strategy. It is also a long term commitment to Europe and underlines our determination to strengthen the position of the Hyundai brand in this highly competitive market. We plan to double our annual European sales by 2010 and European production will be essential to reach that goal.”

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