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Hyundai

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  • Martin Votruba
    SINGAPORE -(Dow Jones)- Hyundai Motor Group is expected to announce Monday that it will build its planned EUR1.1 billion European car plant in Slovakia,
    Message 1 of 1 , Feb 29, 2004
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      SINGAPORE -(Dow Jones)- Hyundai Motor Group is expected to announce
      Monday that it will build its planned EUR1.1 billion European car plant in
      Slovakia, dealing a blow to Poland, which had also competed for the
      investment, the Financial Times reported on its Web site.

      The decision by South Korea's largest carmaker would bring an end to
      months of aggressive lobbying by the two countries to win one of the
      biggest foreign investments in central Europe this year, the FT reported.

      The plant - to be located in Zilina, northern Slovakia - would be the
      latest step in Hyundai's rapid global expansion, following the opening of
      factories in the U.S. and China over the past two years, the report said.

      People close to the company said the announcement would be made by Kia
      Motors Corp. , a subsidiary of Hyundai, at the Geneva Motor Show,
      suggesting the plant would initially produce mainly Kia-branded vehicles,
      the report said.

      For Poland, the defeat would add to doubts about the country's
      competitiveness compared with neighboring countries, following its loss of
      a EUR1.5 billion joint investment by Toyota Motor Corp. , the Japanese
      carmaker, and PSA Peugeot-Citroen of France to the Czech Republic two
      years ago, the report said.

      Both Poland and Slovakia offered incentives such as tax relief, free land
      and new infrastructure, to lure Hyundai. Poland had proposed Kobierzyce,
      near Wroclaw in the country's southwest, as its site, the report said.
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