Hyundai Motor has joined forces with China's Sichuan Energy Industry Investment Group to evaluate opportunities in the commercial vehicle sector.
As part of this 'strategic' partnership, Sichuan Energy acquired a 50% stake in Sichuan Hyundai Motor Company, a joint venture originally set up in 2012 between Hyundai Motor and Chinese commercial vehicle manufacturer Sichuan Nanjun Automobile Company.
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Hyundai has kept its 50% stake in the joint venture which will look to develop new opportunities in the local commercial vehicle market and in logistics services, as well as continuing to service developing markets overseas.
Sichuan Hyundai plans to add to its current six model commercial vehicle line, including a battery-powered version of a current truck model in the near future.
By 2022, the company expects to add five new models to its range to help increase market share.
Sichuan Hyundai has two production bases in China, in Ziyang and Chengdu, which make trucks and buses respectively. The Ziyang plant has the capacity to produce 240,000 light, medium and heavy trucks and 20,000 heavy duty truck engines per year.
The Chengdu bus plant has the capacity to make 10,000 medium and large models annually.
