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Biz News Korea(Eng)
S. Korea’s Hyundai Rotem adds 3rd overseas plant in Brazil
- Collected
- 2016.04.01
- Distributed
- 2016.04.04
- Source
- Go Direct
The company said that it held a ceremony on Wednesday (local time) to celebrate the completion of the factory sitting on a 150,000-square meter site in Araraquara City, Sao Paulo in Brazil, with an annual production capacity of 200 trains. Now it has three overseas factories including its plants in Turkey and the U.S. and total global production increases to 1,200 units including 800 in Changwon in Korea, 100 in Turkey and 100 units in the U.S.
The new factory enables the train-making arm of Hyundai Motor to bid local projects in Brazil where it is required for a company to supply 60 percent of its products from local purchases or production, according to the company. It added that the local production will also give the company a price edge.
Following the completion of the factory construction, Hyundai Rotem seeks to enter emerging markets in Latin America, including Chile, Columbia and Peru, with a combined value estimated at 8 trillion won (about $7 billion). An unnamed official at Hyundai Rotem said the latest operation would serve as a strategic hub for its global reach. The Korean locomotive producer made its first inroad into Brazil by supplying trains for subway Line No.1 in Salvador in 2003 and has built total 654 trains ever since. It also won a project to build trains for subway Line No. 2 in Salvador in 2013, recording cumulative sales of 1 trillion won in a decade since it entered the market.
By Noh Won-myung
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