South Korean auto maker Hyundai Motors has announced its plans to enter the commercial auto market in Europe and the United States. The move is based on the prediction that car sales are on the rise in these markets. When the US and European consumers can expect to see Hyundai in their regions has yet to be disclosed.
In addition the car company said it plans to invest about $363.13 million to expand annual production capacity in its commercial vehicle plant. They hope to go from about 65,000 vehicles produced each year to 100,000 annual output at their Jeonju factory in the southwestern part of South Korea. The figures, if they are reached, represent a 54 percent increase in production which the company says they want to meet by the year 2020. Hyundai also announced it will add 1.6 trillion won ($1.456 billion) into research and development of commercial vehicles.
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