Hyundai Motor Group chief says no plan to build U.S. plant for now

SEOUL Sun May 5, 2013 11:02pm EDT

SEOUL May 6 (Reuters) - Hyundai Motor Group Chairman Chung Mong-koo said on Monday that the South Korean automaker has no plan to build a new car factory in the United States for now, downplaying market speculation that he would soon announce new production facilities in the key market.

"We have no plan (for a new U.S. factory) for now," the 75-year-old told reporters at Seoul's Gimpo airport before leaving for the United States.

Hyundai Motor Group is a holding company for Hyundai Motor Co and KIA Motors Corp.

Chung, who has so far ruled out a major capacity expansion, last week said the company "will look into whether there are opportunities" to expand production overseas, sparking speculation that the automaker may build a new plant in the United States, among other regions.