Hyundai Motor has opened a second car plant in China, doubling its potential production capacity in the country to 600,000 vehicles a year.
Go deeper with GlobalData
The USD790m facility on the outskirts of Beijing can make a maximum 300,000 vehicles a year in addition to the same capacity at the existing factory, Hyundai Motor said in a statement.
Hyundai Motor linked up with Beijing Automobile in 2002 to launch a joint venture, Beijing Hyundai, to run its Chinese plants.
“An output of 600,000 units in China will mean that Beijing Hyundai has become the top automaker in China,” Hyundai Motor chairman Chung Mong-Koo said in a statement.
He said the second plant would help it cut costs and introduce and market new brands in China.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataKia Motors, an affiliate of Hyundai Motor, also has two plants in China with a combined 430,000-unit capacity, giving the Hyundai Automotive Group total capacity there of just over a million vehicles.
The company said it aims to sell 380,000 vehicles in China this year, up from 231,137 last year, and to raise the figure to 600,000 in 2010.
The new factory is producing a Chinese version, named Yuedong, of its Elantra model.
