Investments and developments in Hyundai Assan

Investments and developments in Hyundai Assan

After completing the investment of $52 million which started in 2002 January, Hyundai Assan has started domestic production of the new commercial vehicles for the Startex model. According to the reports, total value of the Starex project has reached to $202 million with a $150 million research and development cost in Korea by Hyundai Motor Company(HMC). Together with this project, Hyundai Assan has become the third global supply center of HMC following Korea and India. The domestic Starex will be exported to 60 countries in total, including European countries as well as Middle East, Africa, Turkic Republics and Russia. The newly established facility has a blanking mill and engine works to give service for both passenger cars and light commercial vehicles as well as production lines for Starex. It is also reported that the plant will continue to produce Accent passenger car and H-100 light commercial vehicle which is still existing. Furthermore, the Accent model produced in Izmir facilities is renewed and launched on the market with Accent Admire and for this project it is stated that the expenses HMC and Hyundai Assan made amounts to $76 million. Hyundai Assan is planning to export 30'000 Starex-Accent and bring in $400 million to the national economy.