After announcing plans in late 2008, Hyundai will finally begin construction of a new production facility in Brazil. Hyundai says the new factory will be the company’s “gateway to Central and South American markets.”
Hyundai originally intended to have the Brazilian factory up and running by this year, but the economic downturn that took hold in 2009 apparently delayed those plans. The plant, which will be built in Piracicaba, Brazil, is scheduled to begin production of a small car in November 2012.
“We want to enhance our competitiveness against major U.S. and European automakers in Brazil by setting up a production site,” Hyundai said in the statement. Hyundai is investing $600 million in the factory.
Hyundai exported 80,000 vehicles to Brazil last year, an increase of 19 percent. Sales should rise again this year and Hyundai expects Brazil to be the world’s third largest auto market by 2015.
The plant will have an annual capacity of 150,000 units.
References
1.’Hyundai to Build…’ view
