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Hyundai Mobis to Build $417 Million Dollar Parts Factory in Mexico

Hyundai Mobis, an automotive parts affiliate of Hyundai MotorĀ and Kia Motors, said it has signed a deal to build a $417.71 million factory in Mexico to meet demand from the South Korean automakers.

The plant, which will be constructed near the city of Monterrey in the state of Nuevo Leon, will commence production of automotive modules and lamps starting in 2016, Hyundai Mobis said on Friday.

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Hyundai Wia, part of Hyundai Motor Group, also announced an investment of 400 billion won (244 million pounds) to make engines and other key automotive parts in Mexico.

Kia Motors said in August that it will build its first vehicle factory in Mexico to help ease its shortage of vehicles for the neighbouring U.S. market.

(Reporting by Hyunjoo Jin; Editing by Ryan Woo)