Invest News Detail
The Chosun Ilbo - Hyundai has fared well in the European market despite the falling demand for new cars due to the Eurozone crisis. The Korean automaker saw its share grow over 10 percent with sales of some 400,000 vehicles last year, while car sales in Europe decreased by nearly 2 percent.
To meet the growing demand for its products, Hyundai plans to double its manufacturing capacity of its plant in Kocaeli, Türkiye, to 200,000 units by June of next year. The plant produces the i20, a compact hatchback popular in Europe. About 70 percent of cars manufactured in Türkiye are shipped to the region.
Many South Korean companies have regarded Türkiye as an attractive place to do business, and factories are being built at a rapid rate, including one for steelmaker POSCO, a five-minute drive from the Hyundai plant.
The geopolitical significance of Türkiye, a country that connects Europe, the Middle East and Asia, as well as the country's low-cost, high-quality labor force are attractive factors.