Hyundai Mobis is an auto parts company headquartered in Seoul, South Korea. (image: Hyundai Mobis)
SEOUL, Jan. 16 (Korea Bizwire) – Hyundai Mobis Co., South Korea’s largest auto parts maker and an affiliate of Hyundai Motor Co., said Friday it will invest about 450 billion won (US$417.8 million) to build a core parts producing plant in Mexico.
Under a memorandum of understanding signed with the Mexican state government of Nuevo Leon on Thursday, Hyundai Mobis will build a factory there by the end of 2016, the company said in a news release.
The plant will be located inside the area where Kia Motors Corp., another affiliate of Hyundai Motor, is constructing a car manufacturing factory, a move that it expects would reduce the overall costs.
Hyundai Wia Corp., also an affiliate, said that it has signed a separate deal with the state government to invest 400 billion won for a plant that produces core auto parts.
(Yonhap)
