Hyundai's Beijing JV expands

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Last updated at: (Beijing Time) Wednesday, December 24, 2003

Hyundai's Beijing JV expands

Beijing Hyundai, the local joint venture involving South Korea's biggest automaker Hyundai Motors expects to more than double its output next year to take advantage of China's booming car market.

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Beijing Hyundai, the local joint venture involving South Korea's biggest automaker Hyundai Motors expects to more than double its output next year to take advantage of China's booming car market.

The joint venture plans to produce 130,000 vehicles next year, up from 55,000 that will be produced this year.

The output next year will include 70,000 Hyundai Sonata sedans, which were introduced at the end of last year, and 60,000 of the smaller Elantra sedan launched yesterday, said an authority within the venture partner, Beijing Automotive Investment Co.

"We aim to jack up our total output to 150,000 units next year," said Sung-kee Choi, deputy general manager of the joint venture.

The venture was set up in May of 2002 and started production at year end.

"We will fulfil our commitment to introduce at least one new model every year," said venture Chairman Xu Heyi.

"We have a programme in place for our third new model," Xu said. But he did not reveal specifics.

The venture plans to expand annual production capacity of existing plant from 150,000 units to 300,000 units and start to build a new 300,000-unit plant next year, he said.

"We aim to become one of the largest passenger car manufacturers in China by 2007," he said.

The current top three passenger car producers in China are Volkswagen's two joint ventures in Shanghai and Jilin Province, which will produce almost 400,000 and 300,000 cars respectively this year.

The Hyundai joint venture aims to increase its annual output to 200,000 units in 2006, 300,000 units in 2006 and 600,000 units in 2008.

The 1.8-litre Elantra will retail between 156,000 yuan (US$18,800) and 166,800 yuan (US$20,100).

Hyundai plans to build the joint venture into its largest overseas manufacturing base to help achieve its target of becoming one of the world's top five automakers in the coming years.

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