Hyundai to produce small cars at Kia's U.S. plant
|
|
|
| Posted
:
Tue, 27 May 2008 03:01:01 GMT |
| By
:
Reuters |
| Category
:
US (Business) |
| News Alerts by
Email ( click
here ) |
|
US Business News |
Home
|
|
|
|
SEOUL (Reuters) - Hyundai Motor Group said on Tuesday the world's No. 6 auto maker plans to produce small sedans at a U.S. plant being built by subsidiary Kia Motors Corp <000270.KS>, as record-breaking oil prices spur more demand for such cars.Hyundai Motor Co <005380.KS>, the group's main automaking subsidiary, produces the Sonata mid-sized sedan and the Santa Fe sport utility vehicle (SUV) in the United States at its Alabama factory.Hyundai Motor sells the Elantra small sedan, and Kia offers the Spectra small car in the world's top auto market, but both are produced in South Korea."We have plans to have the Georgia plant produce small cars. We might have Hyundai products produced at the Georgia plant if the platform is common," Kim Dong-jin, Hyundai's vice chairman, was quoted as saying by a company spokeswoman.Kim was referring to Kia's first U.S. factory, which is expected to be completed by late 2009. "The market environment changed rapidly, like higher oil prices, environmental issues. We have a strong presence in the small-car segment," Kim also said, according to the spokeswoman.The group halted plans to produce a pickup truck at Kia's U.S. factory amid concerns that surging oil prices will hit demand for the gas-guzzling vehicles.Hyundai Motor has a plant in Alabama, which is producing 300,000 cars a year, and Kia is building a factory in Georgia with the same capacity.Earlier this month, a Hyundai Motor Group official said Kia was considering manufacturing an SUV at its first U.S. factory.Shares in Hyundai Motor fell 1.43 percent to 83,000 won as of 0210 GMT and Kia lost 1.6 percent to 12,300 won, both underperforming a 0.8 percent rise in the broader market <.KS11>.(Reporting by Cheon Jong-woo; Editing by Ken Wills) (c) Reuters 2008. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world.
|
|
|
|
|
|
Related News
Five more US bank failures bring total for 2009 to 120
New York - Bank failures in the United States have risen to 120 this year as five more regional institutions were added to the list, the US agency that guarantees the safety of bank deposits said. United Commercial Bank in San Francisco with assets o...
US stocks climb slightly despite double-digit jobless rate
New York - US stocks posted mild gains Friday to end the week as investors shrugged off government figures that put the unemployment rate above 10 per cent. The Labour Department said the jobless rate hit 10.2 per cent in the month of October, the hi...
US joblessness hits 10.2 per cent, highest in 26 years - Summary
Washington - The US unemployment rate surged to 10.2 per cent in October, the highest in 26 years as another 190,000 people lost their jobs, the Labour Department reported Friday. The figure comes after a 9.8-per-cent jobless rate in September and wa...
US joblessness jumps to 10.2 per cent, highest since 1983 - Update
Washington - The US unemployment rate surged to 10.2 per cent in October, the highest in 26 years, as another 190,000 people lost their jobs during the month, the US reported Friday. The figure reported by US Labour Department came after the 9.8 per ...
US jobless rate jumps to 10.2 per cent
Washington - The US unemployment rate surged to 10.2 per cent in October as another 190,000 people lost their jobs, according to US Labour Department figures released Friday. The jobless rate stood at 9.8 per cent in September. Unemployment had been ...
Bulls stop James, edge Cavs - Summary
Los Angeles - The King couldn't deliver in the clutch. Luol Deng and Joakim Noah combined to deny LeBron James a potential game-winning drive in the final seconds as and the visiting Chicago Bulls snapped the Cleveland Cavaliers' three-game winning...
Mortgage lender Fannie Mae posts nearly 19-billion-dollar loss
Washington - US mortgage lender Fannie Mae said Thursday that it would seek 15 billion dollars in federal aid, after posting its ninth consecutive quarterly loss. Fannie Mae reported a net loss of 18.9 billion dollars in the third quarter of 2009, co...
|
|
|
|
|
|
|
|
