TURKEY: Hyundai production plant opens

03 October 1997
NEWS

Production of vehicles made by South Korea's Hyundai Motor Company was inaugurated on 20 September by joint venture Hyundai-Assan Otomotiv Ticaret at a plant near Izmit. The plant's initial output of 60,000 cars a year will eventually double when it reaches full capacity.

The joint venture, formed with the equal participation of Hyundai with the local Kibar Holding, has so far invested about $150 million of a total $350 million planned in the project. The initial 35 per cent locally-manufactured content of the vehicles will eventually increase to a targeted 70 per cent, said Hyundai president Byung Jae Park at the opening ceremony.

The plant will initially produce Accent cars, and H-100 vans and mini- buses. Its output is aimed at the domestic market, and exports to Central Asia and eastern Europe.

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