Hyundai Motor plans to invest about $US700 million to build a second plant in China by 2007, Reuters said, citing the Maeil Business Newspaper.

The additional investment was to meet Hyundai’s earlier stated goals to produce 600,000 units annually in China by 2007, an executive at Beijing Hyundai Auto Co reportedly was quoted by the newspaper as saying.

According to the news agency, the newspaper said the 50-50 joint venture between Hyundai and its Chinese partner, Beijing Automotive Industry Holdings, would start building the second plant around year end.