Hyundai Czech’s mate

10 April 2006
Immediate Release

Hyundai Czech’s mate

With sales now exceeding 3.5 million vehicles per year globally, Hyundai have just agreed to build their latest factory in the Czech Republic.

Ambitious growth plans for the South Korean company have it targeting sales to six million a year by 2010, putting it ahead of traditional giants Daimler Chrysler, Nissan/Renault and VW-Audi group.

Hyundai New Zealand managing director Philip Eustace said the latest factory announcement represents a crystallising of the company’s global strategy.

“No longer is Hyundai viewed as the poor cousin to other global brands, rather than following it is setting the pace in expansion and innovation. Even down in this part of the world we benefit from that,” said Mr Eustace.

The company’s recent announcement of its new genuine parts pricing policy is evidence of the economics that follow globalisation he said.

A standardisation of the company’s genuine parts pricing has meant prices for genuine parts are the same across the company’s model range, resulting in significant cost savings for the Hyundai consumer.

Hyundai are now positioned seventh in the world, ahead of Honda, Mitsubishi and Mazda. Another new plant, in Alabama, USA is running at full capacity and will produce 300,000 cars for 2006, its first year of production.

Preparation work begins in the middle of this year on the Czech factory with production beginning in October 2008.

Producing up to 300,000 cars and 600,000 transmissions, the new plant’s impact on the Czech economy will be significant, and is predicted to raise its GDP by 1.5 percent in stage one and 2.5 percent in stage two.

End

© Scoop Media