An automotive parts manufacturer affiliated with South Korean automakers Hyundai Motor Co. and Kia Motors will build a US $417.7 million factory in Nuevo León.
Hyundai Mobis announced today it will manufacture automotive modules and lamps beginning in 2016 at the factory, to be built near Monterrey, to meet demand from the South Korean automakers.
A new plant has also been announced by Hyundai Wia, which is part of Hyundai Motor Group. It will invest $371.2 million in a factory that will manufacture engines and other parts.
Kia Motors, which is partly owned by Hyundai, announced plans in August to invest $1 billion in an assembly plant, also near Monterrey. It will produce 300,000 vehicles a year after production begins in 2016.
The association representing auto parts manufacturers in Mexico said last week it was expecting 2015 to be a boom year. National Auto Parts Industry president Oscar Albín Santos said more new plants would be opening and existing plants would be expanding.
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