Continental AG canceled the start of operations of the auto parts factory for Chrysler built in 2008 with $62 million.
The United States automotive crisis and the consequent decline in demand for high-tech devices that the plant would have made forced Continental AG to close the factory that had not yet begun operations.
The German autoparts company expects to start operations by year's end in a free trade zone.
In 2008, company representatives announced their intention to operate in the country, planning to generate 2,000 jobs.
According to the an AFP report published in mipunto.com, "Because of the crisis, the factory decided to open operations with only 1,000 workers in the city of Masaya, 26 km south of Managua," said Alvaro Baltodano, the executive secretary of the Free Trade Zones Corporation of Nicaragua.
Dräxlmier confirmed on Friday that it is interested in investing in a car factory that would provide employment for a 1000 Nicaraguans.
Businessmen, Hans Romper, executive vice president of the German company, Franz Haslinger, manager of electric operations, Chistoph Kriegl, company lawyer and Uldrich Eichler and Stefan Bude, president and vice president of North American operations, delivered their letter of intent to start operations in Nicaragua to the vice president of Nicaragua, Jaime Morales Carazo,
A decision by Germany's Continental AG to invest in Costa Rica rather than Mexico shows that Costa Rica has got what it takes to become a regional leader of the auto industry, senior officials said.
Continental is investing US$61.5 million in a plant to make electronic components for car transmissions that will employ 600 workers in Costa Rica. Earlier it had considered locating the plant in Mexico.
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