Hyundai Motor Company (HMC) of Seoul, South Korea, has signed a contract manufacturing agreement with Turkey's, Karsan Otomotiv Sanayii ve Tic AS of Nilufer, Bursa, Turkey, to produce light commercial vehicles (LCVs) for the European, Middle East and North African region (EMNA). The new agreement, signed by Inan Kirac, chairman of Karsan Board and Young Hoon Jung, executive vice president of HMC in late November 2012, is a continuation and extension of the Memorandum of Understanding (MoU) signed back in January, 2011 and the framework agreement in June, 2011 and other agreements dating back to March, 2007. The new agreement covers the production of a series of light commercial vehicles being developed by HMC that includes panel vans, trucks and minibuses ranging in gross vehicle weight capacities from three tons up to six tons. The new vehicles are to be assembled from CKD kits and production is scheduled to start at the end of 2014. A spokes person for the company advised Truck & Bus Builder that a total of USD260m would be invested in the project during 2013-2014. (Karsan is to invest USD60m in a factory to manufacture the new product range, whereas HMC would invest USD200m in developing the product line up).
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