Hyundai Motor completes auto plant in Czech Republic

OSTRAVA, Czech Republic, Sept. 24 (Yonhap) -- Hyundai Motor Co., South Korea's
largest carmaker, said Thursday it has completed building a 1.12-billion-euro
factory in the Czech Republic, reinforcing its move to win more sales in the
European market.

Hyundai aims to sell 336,000 vehicles in Europe this year, up 17.2 percent from
last year, and anticipates rising demand for small cars despite an economic
slump.
A number of foreign automakers have built plants in the Czech Republic due to
cheap labor costs, a skilled workforce and close proximity to other European
nations.
The Czech plant is expected to help Hyundai save on transportation costs and
cushion losses from foreign exchange volatility.
"The Czech plant will play a core role for Hyundai Motor to become a world-class
carmaker," said Hyundai Motor Vice Chairman Chung Eui-sun in a speech celebrating
the plant's completion. Chung is the only son of Hyundai Motor Chairman Chung
Mong-koo.
"Hyundai Motor will also do its best to become a part of local society through
sustainable growth and job security," the junior Chung said.
Hyundai started mass production at the Czech plant in November last year.
Currently, the plant is producing the i30 and i30cw compact cars.
In the second-half of this year, Hyundai plans to begin manufacturing a
sport-utility vehicle at the Czech plant, company officials said.
The facility will eventually have an annual production capacity of 300,000
vehicles, according to the officials.
To avoid chronic labor unrest at home, Hyundai has aggressively built plants
overseas, including in the United States, China, India and Turkey.
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