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Biz News Korea(Eng)
Hyundai Mobis Ohio plant to halt for 1 yr to retool for new Jeep model
- Collected
- 2018.01.30
- Distributed
- 2018.01.31
- Source
- Go Direct
Hyundai Mobis`s Ohio plant
The company said in a regulatory filing on Monday its plant in Toledo, Ohio will stop production of the third-generation JK Wrangler series from April 7 for refurbishment to accommodate the next-generation JL Wrangler lineup.
The year-long suspension is estimated to cost the company 1.44 trillion won ($1.35 billion) equivalent to the annual sales generated by the Ohio plant in 2016, which accounts for 3.77 percent of its consolidated sales in the same period.
Hyundai Mobis said the losses will be covered once it reopens to supply parts for the new Wrangler from next year.
The Ohio plant manufactures complete chassis modules for the Jeep Wrangler sport utility vehicle. The complete chassis module refers to the lower frame on which the body and powertrain are mounted, consisting of the suspension, steering and brakes that cover half of the parts in a finished vehicle.
Hyundai Mobis operates plants in Toledo, Ohio and Detroit, Michigan, where it makes auto parts for Fiat Chrysler Automobiles and its Jeep, Chrysler and Fiat models.
As of 1:16 p.m., shares of Hyundai Mobis were down 1.2 percent at 246,50 won.
By Kim Jung-hwan and Kim Hyo-jin
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]