IHI is to jointly produce vehicle engine turbochargers with an affiliate of the Hyundai Automotive Group.
The joint venture will start production in the first half of 2015 in response to increasing global demand. IHI will hold 49% and Hyundai 51% and they will operate a new plant in Seosan, in western South Korea, to make turbochargers for Hyundai and Kia models.
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The venture plans to raise annual capacity to more than 1m units by 2020 and more than 2m by 2025.
IHI forecasts the global turbocharger market will reach more than 35m units in 2015, up from more than 25m units in 2012.
