Hyundai shifts i20 production to Turkey
Ashwin Ram N P, Ashwin is a guy with a slightly unorthodox perception of everything. His struggle to choose a career path, between art and automotive engineering, has landed him in the field of auto journalism, where he has paved way for himself to practise both.
Hyundai Assan, a joint venture between South Korea's Hyundai Motor Co. Ltd and Turkish industrial conglomerate Kibar Holding, will begin manufacturing the Hyundai i20 in Turkey from May 2010.
The Hyundai i20 will roll out of a plant in the northwestern industrial city of Izmit, with a $75 million investment.
The plant's maximum annual capacity is 80,000 units a year in the first phase, and 70,000 of those models are for consumption of other European countries.
Production at the Chennai plant was bogged down due to labor strikes. Further, India was not part of any free trade agreement with European nations which was an unfavorable condition.
However, Hyundai will continue to churn out vehicles for non-European markets like Vietnam, Australia, New Zealand, Latin America and other South East Asian countries from its Chennai plant.
Source - Wall Street Journal