Hyundai To Consider Production In Brazil

Autoparts Report, Sept 25, 2001

According to reports in the German newspaper, 'Die Welt', the Korean Hyundai car manufacturer may begin to build a compact car in the Mercedes-Benz factory in Juiz de Fora (Minas Gerais), Brazil which is currently operating at well below capacity and may be sold.

The aim of Hyundai would be to build a compact model, which would sell for $6,600, the article said. This would also give the company the opportunity to pay off the debt of over $200 million owed to the Brazilian government, which Hyundai inherited from the failed Asia Motors company. The debt is for tax exemptions and fines never paid by the Koreans