Hyundai: Beijing Plant To Build 50,000 Cars in 2003

BEIJING, Dec 23, 2002; Reuters reported that South Korea's Hyundai Motor Co Ltd said on Monday it plans to make 50,000 passenger cars next year and 300,000 by 2005 at a new China joint venture to tap one of the world's fastest growing car markets.

The figures, provided by the joint venture's chairman, Xu Heyi, in a statement are about 50 percent higher than estimates given by Hyundai in October when it announced the tie-up with Beijing Automotive Industry Holdings.

Hyundai rolled out its first Chinese-made passenger sedan on Monday, becoming the latest in a booming market, which includes Japan's Toyota Motor Corp and France's PSA Peugeot Citroen.

Car sales in China have surged more than 40 percent this year.

The Sonata sedan rolled off the line at the joint venture's plant on the outskirts of the Chinese capital.

The joint venture will also make Elantra XD cars, and aims to make a total of 500,000 vehicles a year by 2010.

Hyundai Motor Group, which includes Kia Motors Corp, is the world's eighth largest automaker, with expected output of 2.8 million vehicles in 2002. It aims to raise production to five million by 2010.