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Hyundai to drive up production capacity
By Lu Nengneng |
November 28, 2012, Wednesday
|
Print Edition
Print Edition
SOUTH Korea's biggest automaker, Hyundai Motor Co, plans to ramp up its production capacity in China and double down on higher-end models.
Beijing Hyundai Motor Co, Hyundai's joint venture with its Chinese partner, Beijing Automotive Group Co, will increase its annual production of passenger cars by 40 percent to 1.4 million units by 2015 while doubling the ratio of mid- to high-end offerings in its product portfolio to more than 50 percent, the company said in a statement yesterday.
The Seoul-based company is the latest foreign carmaker looking to expand in the world's largest auto market to cash in on its slowing but still robust growth.
After all the years of double-digit growth, China's passenger car sales increased only 6.9 percent to 12.57 million units in the past 10 months from a year earlier. But the deliveries, as consulting firm McKinsey & Co once predicted, may grow steadily by 8 percent annually to reach 22 million units in 2020.
Beijing Hyundai Motor Co, Hyundai's joint venture with its Chinese partner, Beijing Automotive Group Co, will increase its annual production of passenger cars by 40 percent to 1.4 million units by 2015 while doubling the ratio of mid- to high-end offerings in its product portfolio to more than 50 percent, the company said in a statement yesterday.
The Seoul-based company is the latest foreign carmaker looking to expand in the world's largest auto market to cash in on its slowing but still robust growth.
After all the years of double-digit growth, China's passenger car sales increased only 6.9 percent to 12.57 million units in the past 10 months from a year earlier. But the deliveries, as consulting firm McKinsey & Co once predicted, may grow steadily by 8 percent annually to reach 22 million units in 2020.
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