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Wednesday, December 31, 2014, Poush 17, 1421, Robiul Awal 8, 1436 Hijr

World Business News In Brief
Hyundai to build more plants in China
Published : Wednesday, 31 December, 2014,  Time : 12:00 AM,  View Count : 11
SEOUL, Dec 30: South Korea's Hyundai Motor said Tuesday it would build two more plants in China, each with a production capacity of 300,000 vehicles, to expand its share of the world's largest auto market.
Hyundai, which already has three car plants in the country, said it would complete construction of its fourth plant at Changzhou in 2016 and of another plant at Chongqing in 2017.
"The two new plants in China will be used to produce small and strategic cars," the company said in a statement.
Hyundai with affiliate Kia Motors is the world's fifth-largest car producer. Its three current Chinese plants can produce a combined 1.05 million vehicles per year.
Hyundai also has a commercial vehicle plant in China with an annual capacity of 160,000.
The company said Kia would  expand its annual output capacity at its third Chinese plant from 300,000 units to 450,000 by the first half of 2016.
Kia has three plants in Jiangsu province that can produce a total of 740,000 units a year.
Within three years, Hyundai and Kia will be able to expand their combined annual production capacity to 2.7 million units in China, the statement said.

Editor : Iqbal Sobhan Chowdhury
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