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| September 30, 2005 |
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Hyundai Pushes Ahead with European Assembly Plant |
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· 1 Bln Euro to be invested in 300,000 units per annum plant
· Production to start in 2H 2008, two years after start of construction
· Ostrava, Czech Republic prime candidate site
(Seoul, Korea) Hyundai Motor Co. Chairman Chung Mong-Koo met with Czech Prime Minister Jiri Paroubek in Prague yesterday to discuss Hyundai's planned investment for a European assembly plant.
The Czech city of Ostrava is a prime candidate site for the 300,000 units per annum facility as it is located just 70km from Zilina Slovakia where Hyundai affiliate Kia Motors Corp. is currently constructing a plant. Its close proximity to the Kia operation and cluster of Kia suppliers setting up in the Zilina area would help Hyundai and Kia maximize synergies and efficiencies of scale.
After North America, Europe is Hyundai's second largest market with sales expected to reach 420,000 units this year. Hyundai forecasts European sales of 520,000 units in 2006 and 580,000 units in 2007.
To support the rapidly growing sales in the region, Hyundai is quadrupling its European Design and Technical Center in Russelsheim, Germany while nearby in Offenbach, ground was broken earlier this year on a new Euro 50 million sales and marketing headquarters for Hyundai Motor Europe.
Established in 1967, Hyundai Motor Co. has grown into the Hyundai Kia Automotive Group which includes Hyundai Mobis and over two dozen auto-related subsidiaries and affiliates. Employing over 68,000 people worldwide, Hyundai Motor posted US$26.1 billion in sales in 2004 (on a non-consolidated basis). Hyundai motor vehicles are sold in 193 countries through some 5000 dealerships and showrooms. Hyundai Motor Co. is a sponsor of the 2006 FIFA Germany World Cup. Further information about Hyundai Motor Co. and its products is available at http://www.hyundai-motor.com
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