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Hyundai unveils plan for new JV plant in Sichuan
By Pan Xiaoyi |
October 22, 2010, Friday
|
Online Edition
Online Edition
SOUTH Korea's Hyundai Motor Co said today it has teamed up with a Chinese auto maker to build a plant with an investment of 500 billion won (US$443.1 million), marking its foray into the world's largest auto market.
The 50-50 joint venture with Sichuan Nanjun Automotive Group aims to sell 90,000 trucks and buses in 2011 and 300,000 in 2015, gaining a 5 percent market share, Hyundai Motor said in a statement.
Under the agreement, Hyundai and Nanjun will cooperate in the manufacturing of and research in trucks, buses and engines. Nanjun, established in 1998, is the largest commercial vehicle maker in Sichuan Province.
"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.
China's commercial vehicle market is the single largest in the world with sales estimated at 4.5 million this year. The number is expected to increase to 5.5 million units in 2015, Hyundai said.
At present, Hyundai Motor runs two joint venture plants in China with Beijing Automotive Industry Holding Corp. A third plant will be completed in 2012 and expand Hyundai's output capacity to 1 million units.
The 50-50 joint venture with Sichuan Nanjun Automotive Group aims to sell 90,000 trucks and buses in 2011 and 300,000 in 2015, gaining a 5 percent market share, Hyundai Motor said in a statement.
Under the agreement, Hyundai and Nanjun will cooperate in the manufacturing of and research in trucks, buses and engines. Nanjun, established in 1998, is the largest commercial vehicle maker in Sichuan Province.
"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.
China's commercial vehicle market is the single largest in the world with sales estimated at 4.5 million this year. The number is expected to increase to 5.5 million units in 2015, Hyundai said.
At present, Hyundai Motor runs two joint venture plants in China with Beijing Automotive Industry Holding Corp. A third plant will be completed in 2012 and expand Hyundai's output capacity to 1 million units.
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