Hyundais Czech unit returns to profit in 2010.

By bne IntelliNews April 7, 2011
The Czech unit of South Korean car producer Hyundai reported a profit of USD 109.6mn (CZK 1.9bn) in 2010 after a loss of USD 90.7mn in the previous year, CTK newswire informed. Hyundai Motor Manufacturing Czech (HMMC) said revenues from sales surged by 53.4% y/y to the record-high of USD 2.6bn. The company produced 200,135 cars at its Nosovice plant in 2010, up by 70% y/y. The higher production and car-purchase supporting schemes in Europe backed the companys strong financial results. Some 97% of the produced cars were exported to Germany, the UK, Spain, France and Israel. Hyundai plans to create 1,000 new jobs in the next two years as it plans to raise annual production capacity to 300,000 cars from 200,000, Petr Vanek, HMMC spokesperson has earlier said. The company will introduce a third shift this year opening 650 new jobs in 2011 and another 350 in 2012. Thus, the number of workers at the Nosovice car plant will increase to 3,600 by the end of 2012. In order to ensure the higher production capacity, the company will build a new gearbox plant in addition to the current facility that supplies gearboxes to Hyundai and its Kia plant in Slovakia. The new plant will be opened in 2012 and will cost some CZK 3.5bn (EUR 144mn). It will allow for raising the companys annual gearbox production capacity to 500,000 from the current 300,000.

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