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South Korea's largest carmaker Hyundai Motor said it will sign a preliminary agreement to build a fourth plant in China, as it looks to expand in the world's biggest car market. With an annual production capacity of 300,000 cars, the plant in the southwestern mega-city of Chongqing is scheduled for completion in 201
Hyundai to build 4th plant at Chongqing, China
Date: 2014/03/26
Source: AFP
South Korea's largest carmaker Hyundai Motor said it will sign a preliminary agreement to build a fourth plant in China, as it looks to expand in the world's biggest car market.
With an annual production capacity of 300,000 cars, the plant in the southwestern mega-city of Chongqing is scheduled for completion in 2016 and will mark a "new leap forward" in the country, Hyundai added.
The firm already has 3 car plants on the outskirts of Beijing that currently produce a combined 1.05 million units per year, as well as a commercial vehicle plant in Sichuan Province with an annual capacity of 160,000.
Hyundai's sister company Kia Motors has 3 plants in Jiangsu Province that can produce a total of 740,000 units a year.
"The construction of new plants is essential for Hyundai-Kia Motor Group to keep up with its current market share of near 10% in China," the statement said.