"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.