Hyundai has begun construction of the company's first Latin American plant in Brazil today. Located in the state of Sao Paulo, the $600 million, state-of-the-art plant will be home to several upcoming Hyundai's including a new subcompact hatchback slotting below the i20 in the line-up designed exclusively for the Brazilian market.
The construction of this factory is part of Hyundai's much more ambitious goal for nabbing a 10-percent marketshare in the South American country by 2013. The company is also aiming to surpass Ford Motor Co. in the Brazilian market by that year.
Production is scheduled to commence in November of 2012. Hyundai aims to reach full capacity of 150,000 cars per year in the first year of production. The company also plans to import an additional 100,000 vehicles per year.
[Source: The Wall Street Journal]
