What Recession? Hyundai Motors Will Build Plant in U.S.

/ November 12, 2001

SEOUL, Reuters reports that the chairman of South Korea's largest carmaker, Hyundai Motor Co., confirmed that it plans to set up a plant in the United States.

Chung Mong-koo, who is also chief of Kia Motors Corp., revealed the plan to former U.S. president George H.W. Bush who visited the automaker's factory in Asan, YTN News TV reported Saturday.

Hyundai was not available for comment.

They quoted Hyundai as saying that it would decide during the first half of next year on a location for the U.S. plant, in the face of trade pressures and brisk sales in the largest export market.

Defying gloom over the U.S. economy, Hyundai Motor forecast a 15.6 percent rise in U.S. sales next year and announced a $30 million expansion of its U.S. R&D center.

In October, Hyundai posted an 88 percent jump in shipments to the United States from a year earlier to 34,051 units.