Hyundai to build train factory in Brazil
Brasilia: A subsidiary of South Korea's Hyundai announced on Wednesday it will invest 100 million reais ($38 million) to build a train factory in the southern Brazilian state of Sao Paulo.
Hyundai-Rotem said the facility will be the world's second-largest train factory and that it will create 400 direct jobs in Araraquara, 270 km south of Sao Paulo city.
The director of Hyundai-Rotem Brasil, Andre Han, said the plant will focus initially on supplying the Brazilian market, but with an eye toward the larger region.
"We have great interest not only in Brazil, but also Peru, Panama and other countries," he said. "Our plan is to make of this factory a hub to supply neighbouring countries as well."
The Sao Paulo state government expects that 60 percent of the components used in the plant, scheduled to open in 2016, will be made in Brazil.