Hyundai's Beijing JV Output To Hit 550,000 Units In 2010

BEIJING July 7, 2003; Dow Jones reported that Hyundai Motor Corp. expects the output at its joint venture with Beijing Automotive Industry Holding Co. to rise to 550,000 vehicles by 2010, state media reported Tuesday.

The South Korean automaker plans to make the joint venture its largest overseas manufacturing base, the reports said, citing Hyundai Chairman Change Mong-koo.

The reports said the joint venture, which was established in 2002, expects sales of 50,000 vehicles worth $1 billion in 2003.

The current output at the joint venture, which manufactures Hyundai's Sonata (News - Websites)sedan among other models, wasn't given.

Hyundai and other international car makers have flocked to China due to the rapid growth in sales of vehicles as the country's expanding middle class taps into auto financing offered by state banks.

National Bureau of Statistics figures indicate the output of passenger cars in China grew 90% year-on-year in May to cater to that demand.

Beijing Automotive also holds a stake in the joint venture Beijing Jeep Corp. with Daimler Chrysler AG and has partnered with Japan's Mitsubishi Motors Corp.