South Korea-based the auto parts company Hyundai Polytech will double its production capacity in Mexico. The company has already begun the expansion of its plant in the northern state of Coahuila, the largest producer of auto parts in the country, according to information from the Secretary of Economy local, Claudio Bres Garza.
"Hyundai Polytech will invest $13 million in its new plant and will generate 300 new jobs," said the Coahuila Ministry of Economy on its institutional Twitter account.
According to local press reports, with this investment, the company will have allocated $24 million since its installation in the country in 2019. In other words, it will be an increase of 118 percent since its first investment in the city of Ramos Arizpe, the same city of one of the General Motors production plants.
According to the National Auto Parts Industry (INA, business chamber), Coahuila is the largest auto parts producer in Mexico with a market share of 15.2 percent of the total.
In addition to Korea, the company has production facilities in the United States, China, India and Mexico.