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April 25, 2007

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Hyundai Opens CKD Assembly Plant in Brazil

"With today´s opening of our Brazil plant, Hyundai has finally connected the link in the chain that provides a complete process from production to marketing, sales and after service," said Choi Jae-Kook, president of Hyundai Motor Co. "We, at Hyundai, will exert our utmost effort to promptly meet our customers' various needs and to strengthen our brand here in Brazil," he added.

With a total floorspace of 100,000 square meters, the newly built $72 million facility is wholly owned by CAOA Montadora de Veiculos SA. It will have the capability to build 50,000 units annually and will include a body welding shop, paint line and final assembly plant.

Over the next 18 months, Hyundai Motor Co. will invest 5.7 billion won (US$6 million) to develop a flexible fuel version of Tucson sports utility vehicle which will be assembled at the Anapolis plant in the near future.

In 2006, 6,588 Hyundais were imported by CAOA Montadora and sold in Brazil. For 2007, CAOA has set a sales target of 13,000 units, including 2,000 CKD units of the Porter truck. By 2010, it is forecast Hyundai sales in Brazil will reach 55,000 units.

The Brazilian content will be raised to 60 percent in order for Hyundai´s Brazilian-made products to qualify for tax-exempt sales among Mercosur member nations, a regional trade bloc which comprises Brazil, Argentina, Uruguay, Venezuela, and Paraguay and represents a population of more than 263 million people.

Apr. 20, 2007

 


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