Hyundai Motor to expand car plant in South Korea

Hyundai Motor, South Korea’s largest carmaker, plans to increase production capacity at its Jeonju plant by over 50% within the next six years, under a 400-billion Won ($363 million) investment.

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Capacity will be lifted to 100,000 vehicles per year by 2020 from the current 65,000 units, the company said on Monday February 16.

The expansion is part of a wider six-year investment plan of 2 trillion Won ($1.8 billion) that the South Korean automaker also announced on Monday.

Designed to “enhance its global commercial vehicle competitiveness”, the plan will see Hyundai investing 1.6 trillion Won ($1.45 billion) on the development of new car models and engines.

The remaining 400 billion Won ($363 million) will go to the plant expansion in South Korea.

Hyundai Motor has eight manufacturing bases and seven design & technical centers worldwide.

In South Korea, it sources most of its steel needs from its sister company Hyundai Steel.

The company sold 4.96 million vehicles last year, a 4.8% increase from 2013.

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