Hyundai Motor Company (Seoul, South Korea) is planning to build an automobile factory in the United States, said company President Chung Moo-koo. He indicated the site will be chosen by second quarter 2002.

Hyundai is a widely diversified manufacturing conglomerate which includes Hyundai Motor Company, Kia Motors Corporation, Inchon Iron & Steel, and others.

Hyundai already operates a research and development center in the U.S., itself scheduled for a USD $30 million expansion.

With 34,000 cars sold in the U.S. during October 2001, Hyundai is becoming a serious new presence in the market. Even with the current economic conditions, the company expects 2002 sales will be up 16% over 2001.

In the U.S. market, Hyundai sells five different cars - from the $9,000 Accent to the $26,000 XG350L - and the Santa Fe sport utility vehicle. A wide range of other vehicles are not sold in North America.

No information was available about which vehicles Hyundai may be considering for U.S. production.