Hyundai Motor Company (HMC), Korea’s largest automotive manufacturer, is to build a $1 billion automotive assembly and manufacturing plant in Montgomery, Alabama.
Hyundai said the facility – the company’s first assembly and manufacturing plant in the US – will begin production in 2005, creating approximately 2,000 plant jobs in Montgomery and the surrounding area.
The facility, to be built on 1,600 acres, is expected to produce 300,000 vehicles per year at maximum capacity.
HMC said that the decision to build the facility was based on continued strong sales and market share growth in the US market. In 2001 alone, the Hyundai Automotive Group (which consists of Hyundai Motor America and Kia Motor America in the US) saw sales of 569,956 units, an increase of 29% over 2000, the largest increase in the auto industry.
An official groundbreaking for the plant is scheduled for April 16, 2002.