Hyundai Motor, Korea's top automaker, will construct its second U.S. engine plant in Montgomery, Alabama, for about $270 million to meet growing U.S. demand, the Montgomery Area Chamber of Commerce said Tuesday.
The new production facility will manufacture 2.4-liter engines, the chamber said in a statement posted on its Web site.
The second engine plant will start operations in September 2008, according to the statement.
In 2005, Hyundai opened its first factory for $1 billion in Montgomery.
The news of second engine plant is Hyundai's first new project after its Chairman Chung Mong-koo was sentenced to three years in prison earlier last month for embezzlement and other charges.
On Feb. 5, a Seoul court gave the 69-year-old tycoon three years in jail for raising slush funds worth $110 million from company coffers and bribing government officials for business favors. Chung is currently free while appealing his conviction.
Gasgoo not only offers timely news and profound insight about China auto industry, but also help with business connection and expansion for suppliers and purchasers via multiple channels and methods. Buyer service: [email protected] Seller Service: [email protected]
All Rights Reserved. Do not reproduce, copy and use the editorial content without permission. Contact us: khoahocxaydung.info.