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NINETY EIGHT REGENCY

Hyundai to build third China plant to meet growing vehicle demand

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Hyundai to build third China plant to meet growing vehicle demand

September 13, 2010 13:01 CET

SEOUL (Bloomberg) --Hyundai Motor Co., South Korea's largest carmaker, will build a third plant in China with capacity to make 400,000 vehicles a year to meet rising demand in the world's largest auto market.

The factory will bring Hyundai's production capacity in China to 1 million vehicles a year, the Seoul-based company said in an e-mailed statement today. Construction of the plant, in Beijing, is to be completed in 2012, according to the statement.

Hyundai Motor aims to boost sales in China to 670,000 vehicles this year from 570,000 last year, as the nation's growing economy spurs demand for automobiles. The carmaker sold about 437,000 units in the country in the eight first months of this year, it said in today's statement.

Noh Jae Man, president of Hyundai's Chinese venture, said in November the carmaker was planning to spend about $800 million to build a third Chinese plant that would be completed in 2011. The factory would make cars larger than subcompacts and have capacity of about 300,000 units, he said at the time.

Hyundai Motor rose 4.7% to close at 155,000 won in Seoul trading today, while the benchmark Kospi index gained 0.9 percent.

Read more: http://www.autonews.com/apps/pbcs.dll/article?AID=/20100913/ANE/100919973/1131#ixzz0zQ8eE8bv

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HYUNDAI TO BUILD 1 MILLION CARS IN CHINA ANNUALLY BY 2012

By Andrew Ganz

Hyundai announced today that an expansion of its not-yet-complete third assembly plant in China will increase its total assembly capacity in the country to more than 1 million vehicles annually.

Last year, Hyundai broke ground on the plant. At the time, the automaker said that the new facility would be operational by 2011 and would build about 300,000 new Hyundais every year. Now, Hyundai says that the plant will build more than 400,000 Hyundais annually, boosting the automaker's three-plant capacity to more than 1 million new cars every year. The plant's opening date has been pushed back to 2012.

The automaker has not confirmed just what products will be built in the new plant, which is designed to take advantage of a less costly Chinese workforce. Previously, Hyundai had said that the new Beijing plant would build around 300,000 compact and mid-size cars, but today the automaker announced

Hyundai says it hopes to sell around 670,000 new cars in China this year, an increase of 100,000 from the 570,000 it delivered last year. So far, Hyundai has sold about 437,000 cars through the first eight months of the year. For comparison, Hyundai has sold around 363,000 new cars in the United States so far in 2010.

link:

http://www.leftlanenews.com/hyundai-to-build-1-million-cars-in-china-annually-by-2012.html

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