(ECO) HYUNDAI LIKELY TO SHIFT i20 MANUFACTURING TO TURKEY PLANT.KOCAELI, Aug 19, 2009 (TUR tur: see ibex. ) -- World's fourth-largest carmaker Hyundai is planning to shift its i20 manufacturing to one of European plants and Turkey has the biggest chance to become the European manufacturing base of i20 model cars, company's top executive in Turkey said on Wednesday. Kwang-Heum Um, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Hyundai Assan, company's Turkey unit, said that Hyundai was very close to announce its final decision on the matter. Kwang-Heum Um said he hopes to herald good news for Turkey plant in a couple of weeks. The latest Hyundai plant is located in Czech Republic Czech Republic, Czech Česká Republika (2005 est. pop. 10,241,000), republic, 29,677 sq mi (78,864 sq km), central Europe. It is bordered by Slovakia on the east, Austria on the south, Germany on the west, and Poland on the north. and currently produces Hyundai i30 hatchback and wagon models for European market. But that is not the only possible choice that Hyundai has, as the automaker also has a plant in Turkey, where Hyundai Accent The Hyundai Accent (sold in some regions as the Verna and until 2000 in Australia as the Excel) is a subcompact car produced by Hyundai in South Korea, India, Russia, Pakistan, Turkey, and Iran. is being built and a Slovakian car manufacturing plant owned by Hyundai's sister firm, Kia Motors. Kwang-Heum Um said a planned additional investment of around 75 million USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. was needed for Turkey plant if it was to be chosen to manufacture i20 model. Hyundai has unveiled its i20 hatchback at the 2008 Paris Auto Show. The model has been on sale in Europe and India since December 2008. Till June, Hyundai manufactured 73,000 units of i20 hatch and exported a little over 60,000 cars to Europe. Kwang-Heum Um also said Hyundai leads the Turkish auto market according to figures in the first seven months of 2009 and has a target to sell over 50,000 cars in Turkey. Hyundai Turkey plant manufactured 500,000 cars since 1996, he added. (THROUGH ASIA Asia (ā`zhə), the world's largest continent, 17,139,000 sq mi (44,390,000 sq km), with about 3.3 billion people, nearly three fifths of the world's total population. PULSE) |
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