Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Companies / Hyundai Motor to increase capacity of Turkish factory
BackBack

Hyundai Motor to increase capacity of Turkish factory

Hyundai Motor to increase capacity of Turkish factory

Premium

By Seonjin Cha/ Bloomberg

Seoul: Hyundai Motor Co., South Korea’s largest automaker, plans to raise the capacity of its plant in Turkey, as it aims to boost sales in Europe.

The plant will build 100,000 Verna subcompacts, Starex minivans and Matrix hatchbacks a year by 2009, the Seoul-based carmaker said. The factory in Izmit, 120 kilometers east of the capital Istanbul, had an annual capacity of 60,000 units at the end of last year.

Hyundai Motor plans to expand its plant in Turkey and to open another in the Czech Republic. The carmaker and its Kia Motors Corp. affiliate are aiming for a combined 5.3% share of European car sales by the end of the decade.

Hyundai Motor last year sold 87,069 units from the Turkey plant, in which it holds 70% stake. Turkey’s Kibar Group owns the remainder.

The company began construction of $1.5 billion plant in the Czech Republic on 25 April. The carmaker also has factories in China, India and the U.S.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 27 Apr 2007, 04:39 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App

Chat with MintGenie