Hyundai i20 Production in Turkey by Next May
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Most of these cars will be exported to various European markets. The plant, which will require an investment of $75 million, will be operated by Hyundai Assan, the company's Turkish joint venture with Kibar Holding.
Hyundai said in late August that it will move i20 production in Europe, with European plants to manufacture 70,000 units of the car per year.
“The labor unrest and the hefty monetary demands raised by a section of workers are really frustrating us. It made the company to get global attention. We never expected such a development when Hyundai has completely changed the industrial landscape of Sriperumbudur belt in the past 12 years," HMIL spokesperson, Rajiv Mitra, said back in May when the first reports hinting to a production shift to Europe started surfacing.
Thanks to the scrappage schemes around Europe, Hyundai sold thousands of i20, with the South Korean manufacturer even planning production boosts to cope with increasing demand.
"We got to the stage where we were losing money on every i10 and i20 sold. These cars could be sold at a profit in France or Germany, so we had to increase the price or risk losing future stock," a Hyundai source said some weeks ago when the first positive signs of the UK scrapping scheme boosted the company's sales.
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