Hyundai delays launching ceremony in Nosovice

According to the Korea Times daily, the South Korean carmaker Hyundai Motor has postponed the launching ceremony at its manufacturing facility in Nosovice in North Moravia, which has been set for May 17. The announcement followed the decision of its sister company Kia Motors last week to indefinitely postpone a similar event at its factory in the United States. Hyundai Automotive Group has suspended other official events indefinitely as prosecutors began questioning the group's chairman Chung Mong-koo on Monday. Hyundai has not officially notified the Czech authorities of the postponement.

The Hyundai plant in Nosovice is expected to produce 300,000 cars annually starting in 2008. The company is planning to invest up to 1.2 billion dollars in the Czech Republic.