| In reaction to fast-growing sales, Beijing Hyundai
Automotive is accelerating its expansion plans and will double manufacturing
capacity to 600,000 units per annum by 2007. Initially, the company had
planned to reach that level by 2010.
Currently, the company produces the Sonata at the rate of 60,000 units
per annum. Capacity will be expanded to 200,000 units in 2004 with the
addition of the Elantra to the product line-up and to 300,000 by 2005.
By 2007, the company will double its capacity to 600,000 units to manufacture
the full range of Hyundai models.
European plant location
The race to find the site for Hyundai's European car manufacturing plant
is hotting up - with the list now having been reduced to four possibles:
the Czech Republic, Hungary, Poland and Slovakia. A final winner will
be announced in February with groundbreaking for the plant due to commence
in 2005 with completion scheduled for 2007.
The plant will produce 300,000 units a year, with Hyundai expecting to
invest around US$1.5 billion in the project.
European commitment
This is yet another example of Hyundai's commitment to the European market
- Hyundai is now the third biggest Far Eastern importer of vehicles into
Europe, as well as being the seventh biggest manufacturer globally.
Hyundai opened its multi-million pound European headquarters in September,
near Frankfurt in Germany. The new building consists of the headquarters
of Hyundai Motor Europe, the Hyundai Research and Development Centre,
and the Hyundai Design Centre.
The company has invested more than €50 million in combined land development
and special equipment costs for the new headquarters operation. More than
250 people will be employed in the 25,000 sq.ft. building. The whole operation
will occupy more than 33,000 sq.ft.
Hyundai's most recent European project was the stylish CCS concept car
- a study of what a Coupe Cabriolet could look like, the car won many
admiring looks at the Frankfurt Motor Show. It was a joint project between
Hyundai Research and Development and specialist converters Karmann.
The Getz (above right)
and the Accent (below) are all-important cars for Hyundai
in Europe |
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