Hyundai china phone plans third plant in China - report
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Hyundai plans third plant in China - reportPublished: 03 Aug 2009 18:46:09 PST
SEOUL, Aug 4 - Hyundai Motor Co <005380.KS>, South Korea's top carmaker, plans to set up a third production plant in China to meet growing demand for its vehicles, a domestic internet news provider reported on Tuesday.
Hyundai was in talks with Chinese companies to build a factory in the country, EDaily quoted an unnamed industry source as saying.
Hyundai was also considering buying a Chinese carmaker as the Chinese government hoped it would make an acquisition amid a shake-up in China's auto industry, the report added.
"Hyundai will build its third factory with an initial annual capacity of 200,000 vehicles, and later expand the capacity to 300,000 vehicles," EDaily quoted the source as saying.
The company was reviewing a plan to start construction next year, with completion scheduled for 2012, it added.
Hyundai officials declined to immediately comment on the report.
Beijing Hyundai, a 50-50 joint venture between Hyundai and Beijing Automotive Industry Holdings, has two plants in China with a combined capacity of 600,000 units.
The report came as Hyundai recently raised its 2009 target for sales in China for a second time because of stimulus measures by Chinese government to boost demand, and as the company plans to launch new models. [ID:nSEO56754]
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