Hyundai, Motor, China--Hyundai Motor to build plant in Sichuan

Oct. 25, 2010 (China Knowledge) - Hyundai Motor, the South Korean auto giant, plans to set up a plant in Ziyang, Sichuan Province with an investment totaling US$ 451 million or around RMB 3 billion for market expansion in China.

Pursuant to the agreement the South Korean firm inked with Sichuan Nanjun Automotive Group, the two partners will each spend RMB 1.5 billion to launch a joint venture, which could produce 200,000 autos in 2013 and 700,000 units in 2020.

The JV will also be engaged in the development of electric and gas-power vehicles to enlarge its energy-saving auto market in China.

Sichuan Nanjun Automotive Group, which currently has an annual vehicle output capacity of 120,000, plans to sell 90,000 autos next year after the launch of the JV.

Source: China Business News