Hyundai is considering building a fourth site in China

Article by Christian A., 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

Recommended

South Korean carmaker Kia will try to follow up the success of its Sportage compact sports utility vehicle by introducing a smaller SUV (subcompact) in the United Kingdom in the...
by - October 18, 2017
It can no longer be denied that Jaguar Land Rover wants to design some more hardcore type versions of their SUV range --- soon after launching the Discovery SVX only...
by - October 18, 2017
Motorists in the United Kingdom who intend to purchase the new 2018 Hyundai Kona subcompact sports utility vehicle could start placing their orders on November 2, 2017. Marked by Hyundai...
by - October 18, 2017
For many years, Lamborghini has always relied on the use of large and powerful engines including the V10 and the V12. In fact, the company’s very first engine in the...
by - October 17, 2017
You can now get the Opel Crossland X that’s LPG-powered if you are not a fan of diesel. Recently, the company released their version of the Peugeot 2008 equipped with...
by - October 17, 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