Car maker Hyundai Czech reports EUR 71.8mn loss in 2009.

By bne IntelliNews June 30, 2010
Local company Hyundai Motor Manufacturing Czech, which operates the Nosovice car plant of South Korean car manufacturer Hyundai, reported CZK 1.9bn (EUR 71.8mn) loss in 2009, spokesperson Petr Vanek announced. Company sales amounted to CZK 36bn. In Q1 the company turned profitable for the first time since being established, reporting a profit of CZK 176mn and sales of CZK 11.4bn. Hyundai, which launched operations at the EUR 1.1bn car plant at end-2008 with 12,050 cars, produced 118,000 units in 2009, down by some 36.2% compared to original plans for 185,000 cars. Hyundai started two-shift production at its local car manufacturing plant in Nosovice as of September 2009 following increased demand. The plant management announced plans to introduce a third shift next year at the earliest with the specific date to depend on the car market situation and the volume of orders, Vanek added. Hyundai currently employs 2,000 people in the Czech Republic but with the introduction of the third shift will bring staff to 3,400 at the turn of 2011-12 and reach the announced capacity of 300,000 cars per year. Hyundai plans to invest EUR 130mn (CZK 3.4bn) in the Nosovice plant in 2010-2011 in order to achieve the earlier announced installed capacity for production of cars from the present 200,000 to 300,000 per year as well as raise the installed capacity of the plant for the production of gearboxes from the present 300,000 to 500,000 per year by the turn of 2011 and 2012. Hyundai has also earlier announced plans to move part of its production of the i20 model from India to one of its plants in Europe, including that in the Czech Republic by end-2010.

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