Astana Motors invests $3 mln in Hyundai assembly plant
ALMATY. Jan 21 (Interfax) - Kazakhstan's Astana Motors has opened a $3-million Hyundai assembly plant in the Almaty region.
The plant will be producing Hyundai trucks and buses, the Kazakh Industry and New Technologies Ministry said.
Astana Motors borrowed $2.3 million of the overall project costs.
Initially, the plant will be producing 500 vehicles a year and its production capacity will be tripled in a three years' time. The components for the assembly will be delivered from South Korea.
In April last year Astana Motors signed a memorandum of understanding and cooperation with Hyundai Motor Co. in order to organize the production of Hyundai trucks and buses in Kazakhstan.