International Property News
Hyundai spends CZK 10bn on Noovice plant
18th February 2008
The construction of the first European plant of South Korean car maker Hyundai in Noovice, northern Bohemia, which was launched in March 2007 has cost EUR400m, or some CZK10bn, so far, spokesman Petr Vanek told CTK Friday.
Hyundai plans to invest EUR990m (CZK25bn) in the plant before the launch of serial production next year.
Altogether, Hyundai plans to invest EUR1.1bn (some CZK28bn) in Noovice by 2011 when the plant is expected to operate at full capacity, said Vanek.
Trial production is to be launched in September 2007 and serial production in March 2008.
Hyundai will produce 200,000 cars there at the first stage, and then raise output by 100,000 units.
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