Brazil economy 'could be further boosted by Hyundai investment'
The Brazilian economy could receive another boost after the South Korean car manufacturer Hyundai said it is considering opening up a new facility in the country.
Hyundai's chairman, Chung Mong-koo, has said that the new factory would have the capacity to produce 100,000 vehicles per year, potentially providing thousands of jobs in the region.
The automaker already has a considerable manufacturing presence in Brazil after opening up a 50,000-capacity factory in Anapolis.
Mr Mong-koo explained: "Hyundai hopes to expand market presence in Latin America with continuous expansion of economic cooperation between the two countries."
Hyundai sells a number of models in Brazil, including its Santa Fe sports utility vehicle and the Sonata large family car.
Mr Mong-koo is currently in Brazil to sign an iron ore deal for Hyundai's steel manufacturing arm, the Reuters news agency reports
The additional Brazil car factory would form part of Hyundai's expansion strategy, as the company nears its 30 millionth new car sale over the last 40 years.
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