Hyundai inks Chinese joint venture deal with Sichuan Nanjun

Article by Christian A., on October 23, 2010

To expand Hyundai Motor Co.’s presence in China, it signed a 500 billion won ($443.1 million) joint venture with Chinese commercial vehicle maker Sichuan Nanjun Automotive Group.

Hyundai released a statement, revealing that the 50-50 joint venture, which will be set up in Ziyun, in the southwestern province of Sichuan, seeks to sell 90,000 commercial vehicles in 2011 and 300,000 units in 2015.

Hyundai estimates that China's commercial vehicle market will increase to 5.5 million units in 2015, compared to 4.5 million units this year.

In China, Hyundai has been experiencing a surge in sales due partly to the subsidies for fuel-efficient cars that Beijing is offering. For the first time in China in September, Hyundai’s monthly car sales went beyond 70,000 units.

Sales in 2010 are expected to surpass its goal of 670,000 units. With the completion of Hyundai's third Chinese plant in 2012 that would raise its total production capacity to 1 million units, sales are expected to increase further.

Last September, Hyundai inked a deal with Chinese government officials to construct a third plant in China with a production capacity of 400,000 units annually. [via autonews - sub. required]

If you liked the article, share on:

Pin It

Comments

Recommended

Top Gear has revealed that for its “Stars in a Reasonably Fast Car” segment, it will now be using a slightly enhanced Toyota GT86, which in the U.S. market is...
by - March 24, 2017
Porsche is laying aside any plans of pushing another hybrid hypercar into their line-up -- at least not at this time. Oliver Blume, Porsche Global Chief confirmed in a recent...
by - March 24, 2017
Since 1993, Lexus has produced 4 generations of the Lexus GS, with the GS F amongst its newest member of the family. Unfortunately, rumors are also heating up that the...
by - March 24, 2017
In a leaked image following a presentation held in China, we learned that Czech automobile manufacturer Skoda will soon unveil 2 more new SUVs in China, resulting in a four-model...
by - March 24, 2017
McLaren is said to be designing the next generation of Sports Series, which could include a V6 hybrid among its powertrain options. It was earlier reported that the British automaker...
by - March 24, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries