NEW YORK, Sept. 30 (UPI) -- South Korea's Hyundai Motor Co. will spend $1.44 billion to build a car plant in the Czech Republic, in another phase of its global expansion.
The company, which recently opened its first U.S. plant, said the Czech facility would most likely be built at Ostrava, near the Polish border, MarketWatch reported Friday.
Hyundai plans to begin construction of the plant next year and to start mass car production at the plant in the second half of 2008.
Hyundai affiliate Kia Motor is already building a plant with an annual production capacity of 300,000 units in Zilina, Slovakia. Slated for completion late next year, it costs $1.32 billion.
In addition, Hyundai is considering a U.S. plant for Kia Motors that would produce sports utility vehicles and pick-up trucks. That venture, to be located in Mississippi, is estimated to cost $1.2 billion.
In May, Hyundai began producing Sonatas from a $1.1 billion facility in Alabama that has an annual capacity of 150,000.
