8.4Hyundai Motor plans to build third plant in China

Hyundai Motor plans to build third plant in China

 

http://autonews.gasgoo.com/auto-news/1011600/Hyundai-Motor-plans-to-build-th
ird-plant-in-China.html

 

Shanghai, August 4 (Gasgoo.com) South Korea's top carmaker Hyundai Motor
plans to set up a third production plant in China to meet growing demand for
its vehicles, Reuters reported today.

 

Hyundai was in talks with Chinese companies to build a factory in the
country, an unnamed industry source said. The Korean carmaker may also buy a
Chinese carmaker which is urged by government to make an acquisition amid a
shake-up in China's auto industry.

 

"Hyundai will build its third factory with an initial annual capacity of
200,000 vehicles, and later expand the capacity to 300,000 vehicles," the
source was quoted as saying. The company was reviewing a plan to start
construction next year, with completion scheduled for 2012, it added.

 

Beijing Hyundai, a 50-50 joint venture between Hyundai Motor Co. and Beijing
Automotive Industry Holdings Corp (BAIC), has two plants in China with a
combined capacity of 600,000 units. The venture sold 257,003 cars in the
first half of this year, up 56% from a year earlier.

 

Hyundai recently raised its 2009 sales target in China (to 450,000 cars) for
a second time because of stimulus measures by Chinese government to boost
demand, and as the company plans to launch new models.

 

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