Hyundai is considering building a fourth site in China

Article by Andrew Christian, on March 27, 2014

Hyundai Motor Co. mulls building a fourth vehicle site in China to cater to growing demand in the country. Chairman Chung Mong-koo is set to sign an agreement Thursday with the government of Chongqing to review the possibility of locating a site in the city, Hyundai said in a statement. Hyundai is experiencing tougher rivalry in China as Toyota Motor Corp. and Nissan Motor Corp. have already managed to recover from Japanese product boycotts in 2012.

The South Korean carmaker is one of the companies seeking to produce and sell more vehicles in China. Lee Sang Hyun, an analyst at NH Investment & Securities Co. remarked that for Hyundai to increase or at least keep its market share in China, a decision to build a new site in country “would have been inevitable” for the carmaker. He quipped that while China's vehicle market growth has slowed, it remains a rapidly growing market.

Once built, the fourth site would be able to build 300,000 cars annually, increasing Hyundai's output in China to up to 1.51 million vehicles, according to the statement. Hyundai operates three vehicle sites in Beijing while its commercial vehicle business is currently building a new plant in Sichuan.

The South Korean carmaker saw its annual sales in China topped 1 million vehicles in 2013, according to data compiled by Bloomberg. It sold 640,698 units in South Korea and 720,783 in the US in the period. It also sold 422,930 vehicles in 2013 in in EU and EFTA markets.

Topics: hyundai, china, factory

If you liked the article, share on:

Comments

Login or Create new account to add a comment!

Recommended

A big chunk of Volvo Cars’ legacy in developing the most durable and capable car is evident in its latest Cross Country collection. Suffice it to say, our planet has...
by - September 21, 2016
Just very recently, we were all delighted to finally see a Bugatti Chiron out in the streets casually hanging around Cannes in France. The said car was purchased by a...
by - September 9, 2016
Earlier this year, Aston Martin wowed the world with a stunning concept car – the Vanquish Zagato. The concept made its first appearance in May during the Concorso d’Eleganza Villa...
by - September 7, 2016
Lamborghini has always been known to be the home to exotic supercars. The Italian automaker’s production facilities have hosted uniquely designed and powerful show-stopping supercars. It all started with the...
by - September 5, 2016
Have you ever heard of the name Kris Singh? If you’re passionate about cars, you’ve probably come across this name at some point while you scour reports about the latest...
by - September 2, 2016