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ReprintsHyundai to build $270 million U.S. engine plant
Automotive News
March 13, 2007 - 4:00 am ET
SEOUL (Reuters) -- Hyundai Motor Co. said today it plans to invest $270 million to build an engine plant at its U.S. car making unit in Alabama to serve growing demand in the world's No.1 auto market. The engine plant, estimated to create about 520 jobs, will begin production in September 2008 and supply engines to the Alabama plant and a Georgia plant being built by its affiliate, Kia Motors Corp., Hyundai said in a statement. The Alabama facility currently produces the Hyundai Sonata sedan and Santa Fe SUV. Hyundai and Kia, which sell about three quarters of their cars abroad, are expanding overseas production to shield themselves from a strong won and frequent labor disputes. Separately, Hyundai also said it would begin production hybrid cars in 2009, with a production target of 300,000 in 2015. Hyundai and Kia started test-producing the Accent and Pride sedans with hybrid technology in 2004 for South Korea's government. U.S. sales of hybrid cars rose 28 percent in 2006 but growth in the segment, dominated by Toyota Motor Corp.'s Prius, is starting to slow, according to industrial data released last month. |
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