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Old 11-20-2006, 10:30 AM   #1
NYCshopper
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Default Hyundai Motor to Spend $198 Million to Add Car Line

Hyundai Motor to Spend $198 Million to Add Car Line

http://today.reuters.co.uk/news/arti...6480-OISBI.XML

Quote:
SEOUL (Reuters) - Hyundai Motor Co., South Korea's top auto maker, will invest $198 million to expand one of its domestic plants and produce a future passenger car model there, the carmaker said on Monday.

Hyundai, which controls half of its home market, said in a filing to the local stock exchange it would spend 185.2 billion won ($198.1 million) to expand one of its domestic car plants, located in the southeastern city of Ulsan.

Hyundai did not give a timeframe or other details for the investment, but a company spokesman said it would produce a new passenger car model from the plant, which currently makes sports utility vehicles.

"It will be a new large passenger car model," the spokesman said lephone, without elaborating.

Hyundai Motor shares fell 2.28 percent to end at 73,000 won before the announcement, lagging the broader market's <.KS11> 0.71 percent fall.

($1=934.6 Won)
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Old 11-22-2006, 09:47 AM   #2
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