Hyundai Motors Corporation, one of the largest from South Korea, is planning for its seventh overseas automobile manufacturing plant. The company is eyeing on Russia for this new project, which will be costing the automaker around $400 million.
The automaker also wants to milk from the ever expanding auto market at the home grounds and is planning on another local manufacturing plant, though no official statement supporting this claim has broken out.
However, the companies plan regarding the Russian unit seems affirmative, as one of the top company officials reported to the Maeil Business newspaper. The company has made its final verdict regarding the Russian expansion. Hyundai already owns an assembly lineage at Russia which has a capacity of around 50,000 units.
Hyundai is surely aiming at its overseas expansion policy as an outcome of some serious troubles it faces from labor strikes back home and increase in value of local currency.
Hyundai motors already having its plants at United States, China, India, Turkey and its work for the Czech Republic plant is under progress.
[Via: The Hankyoreh]
