Hyundai Motor’s Chinese car-making joint venture and initial investment has been approved by the board of the company. The formal decision to go ahead was made at the director’s meeting held on May 28, 2002.
The projected joint-venture will involve the manufacturing and marketing of various passenger cars in China. Hyundai will invest 134,887,500,000 won in the venture, which is equivalent to 9.14% of the company’s paid-in capital.
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Hyundai Motor and its Chinese partner, Beijing Automotive Industry Holding Co., have signed a contract to develop a new 50-50 auto manufacturing venture, Beijing Hyundai Motor. In the long term it is planned that the venture will expand its annual output capacity to 200,000 units in 2005 and 500,000 units in 2010.
Hyundai Motor is planning to invest a total of $1.1 billion by 2010, including an initial investment of $100 million and additional $330 million by 2005.
Under the joint-venture agreement construction for the joint venture car plant is set to begin in June of this year for completion in December.
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