Home Business Neohyundai to invest 60 million USD in Queretaro’s new plant

Neohyundai to invest 60 million USD in Queretaro’s new plant

by sanmigueltimes
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Several investment deals signed by the state of Querétaro indicate that this industrial state continues to be an attractive alternative for both foreign and domestic investment.

Governor Francisco Domínguez Servién’s recent trip to Spain landed estimated investments of US $60 million, of which $24.6 million correspond to deals already signed.

“Several Spanish companies were very interested in the investment opportunities. The estimated investment [of nearly 2 billion pesos] could generate over 1,000 direct and more than 4,000 indirect jobs,” said the head of the Secretariat of Sustainable Development (Sedatu), Marco Antonio del Prete Tercero.

The investments are focused mainly on the automotive, aerospace, tourism and food industries, added del Prete.



Representatives of two companies from the Basque region showed particular interest in the aerospace sector, which led to the Querétaro aerospace cluster landing a collaboration agreement with its Basque counterpart.

“This agreement includes the exchange of technology, the development of suppliers plans on both ends, and an exchange program for staff,” explained del Prete.

Spanish investors were also interested in renewable energy and the distribution of natural gas.

One investment project that has come to fruition is the South Korean-owned Neohyundai bus and truck assembly plant, the company’s first in Mexico.

The $14-million USD plant will produce two-tonne trucks that can carry up to 70 tonnes of cargo, and two models of passenger buses. The Asian manufacturer has already announced plans to expand the plant, representing an additional $60 million USD investment.

The plant’s estimated production for 2016 is 800 units, with a mid-term projection of 5,000 units per year.

Currently employing 80 people, its work force is expected to grow steadily during the next five years, particularly on the assembly line.

For the time being, all parts will be imported from South Korea, but Neohyundai plans to produce at least some of their auto parts in Mexico, “these parts will be manufactured with 100% Mexican hand labor,” said the director of the Querétaro plant, Pablo Ross.

Governor Domínguez acknowledged that the automotive sector is an important part of the state’s economy, as it represents 34.4% of the overall manufacturing output of the state and has generated over 49,000 jobs.

Source: Mexico News Daily

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