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Report: Hyundai earmarks 36.6B South Korean won to expand Brazilian production

South Korean carmaker Hyundai Motor Co. is looking to invest 36.6 billion South Korean won to expand its production in Brazil by 14% to meet demand in the South American country, Yonhap News Agency reported March 12, citing a company spokesman.

Hyundai, which forayed into Brazil seven years ago, operates a plant in São Paulo that can produce 180,000 vehicles annually, according to the report.

The carmaker reportedly plans to ramp up production to an annual capacity of 210,000 units to include manufacturing of two new compact models, the HB20 and the HB20S, in addition to the existing Creta compact SUV production.

The report comes about a week after Hyundai was reported to be looking at suspending production at one of its five plants in China to enhance profitability.

As of March 11, US$1 was equivalent to 1,133.27 South Korean won.