November 25, 2011 at 1:20 pm
In China, Hyundai Motor Group, which includes Kia Motors, has broken ground for a new engine factory as the automobile giant seeks to expand into Asia’s largest market.
Hyundai Wia Corporation Corp., a member of the automotive group and the second-biggest automotive parts manufacturer in Korea, said it started work on the $270 million (310.5 billion won) engine factory this month on the east coast of China.
A group of Chinese dealers for Hyundai Motor vehicles pose at the automaker’s headquarters in Yangjae-dong, southern Seoul, on Friday. (Hyundai Motor)
“The plant in the city of Rizhao in Shandong province will increase engine capacity to 600,000 units per annum from the current 400,000 units,” a group spokesman said.
Output at the company’s third engine factory in China is expected to start in 2013. Engines produced there will be delivered to Hyundai factories in Russia and affiliate Kia Motors’ Chinese production lines.
Rizhao has been a stronghold for the group’s Chinese operations. The automotive group operates two engine factories, two automotive casting factories and one module factory in the city.
Read full story and copyright Korean Herald Hyundai Expands With Chinese Dealers
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