Hyundai Motor to set up JV in Sichuan
Updated: 2011-04-29 13:46
The Hyundai Motor Company signed a formal agreement on Thursday to create a commercial vehicle joint venture (JV) in Sichuan province.
Hyundai and its Chinese partner, the Sichuan Nanjun Automotive Group, will each have a 50 percent stake in the joint venture, which will be called Sichuan Hyundai Motor Company, Sichuan Nanjun said in a statement.
Sichuan Hyundai, which will be based in the city of Ziyang in Sichuan, will also produce clean energy vehicles, including electric and gas-powered vehicles, as part of its the mid- and long-term plan, it said.
The company is targeting a long-term annual production capacity of 700,000 units by 2020.
The Hyundai Motor Company, based in the Republic of Korea, is the world's fifth-largest automotive company and has car plants in several countries, including the United States, China and Russia. The company currently has a passenger car joint venture in Beijing.
Sichuan Nanjun, China's 13th-largest automotive company, mainly produces trucks, buses and auto parts.
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