Hyundai Motor ties up in commercial vehicles
By Pan Xiaoyi |
October 23, 2010, Saturday
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Print Edition
Print Edition
SOUTH Korea's Hyundai Motor Co and a Chinese commercial vehicle maker will invest a combined 500 billion won (US$443.6 million) to build a plant in Sichuan Province, which marks its entry in this segment in the world's biggest auto market.
The 50-50 joint venture with Sichuan Nanjun Automotive Group aims to sell 90,000 commercial vehicles in 2011 and 300,000 units in 2015 in its drive to corner 5 percent of the market, Hyundai Motor said in a statement yesterday. The two companies will also cooperate in manufacturing trucks, buses and engines under the deal.
"As China is actively implementing the 'Go West' strategy, the joint venture will help us take advantage of the fast growing commercial vehicle market in the western region," the statement said.
Nanjun, established in 1998, is the largest commercial vehicle maker in Sichuan.
China's commercial vehicle market is the largest in the world with sales of about 4.5 million this year. Sales are set to rise to 5.5 million units in 2015, Hyundai Motor said.
Hyundai Motor now runs two car plants in China with its Chinese partner Beijing Automotive Industry Holding Corp. A third plant will be completed in 2012.
The 50-50 joint venture with Sichuan Nanjun Automotive Group aims to sell 90,000 commercial vehicles in 2011 and 300,000 units in 2015 in its drive to corner 5 percent of the market, Hyundai Motor said in a statement yesterday. The two companies will also cooperate in manufacturing trucks, buses and engines under the deal.
"As China is actively implementing the 'Go West' strategy, the joint venture will help us take advantage of the fast growing commercial vehicle market in the western region," the statement said.
Nanjun, established in 1998, is the largest commercial vehicle maker in Sichuan.
China's commercial vehicle market is the largest in the world with sales of about 4.5 million this year. Sales are set to rise to 5.5 million units in 2015, Hyundai Motor said.
Hyundai Motor now runs two car plants in China with its Chinese partner Beijing Automotive Industry Holding Corp. A third plant will be completed in 2012.
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