is to invest €1.3 billion in a new European production site at Nosovice in the
, creating up to 10,000 new jobs.
A new subsidiary, Hyundai Motor Manufacturing Czech, will run the site, construction of which will start before the end of the year. Production of the company’s first European built cars is scheduled to start in October 2008.
The factory’s initial annual output will be 200,000 passenger cars and Sports Utility Vehicles (SUV) plus 600,000 transmission gearboxes. From 2011, the production volume will be increased to 300,000 units annually, including the production of multipurpose vehicles (MPV).
Tony Whitehorn, Managing Director of Hyundai Motor UK, said, “This new facility is key to Hyundai’s development in the UK. Our market share in the UK continues to increase, and this long term investment in Europe will strengthen that trend.”