December 20 --- Hyundai Motor Co., Ltd. announced on Sunday that it has signed a preliminary agreement with China's Baotou Bei Ben Heavy Duty Truck Co., Ltd. to set up a commercial vehicle joint venture with a total investment of 400 million U.S. dollars.
Hyundai Motor said in a statement that the two parties each have a 50% stake in the joint venture. The joint venture will take over Beiben Heavy's existing large truck business with an annual capacity of 40,000 vehicles.
According to modern sources, the two sides signed an agreement on December 19 in Seoul, South Korea. According to the agreement, South Korea and China will jointly invest 400 million U.S. dollars, and the two sides will each hold 50% of the shares and establish a joint venture in 2010. The joint venture company aims to occupy the Chinese heavy truck market and is expected to reach an annual output of 40,000 vehicles.
Hyundai Motor, which has already been producing cars in the Chinese market, said in a statement that the joint venture will launch a series of new “Baotou Beiben†models, and then in 2012 it will launch a new model based on modern technology and equipment. , strive to obtain the competitiveness of the commercial vehicle market in China. â€
According to the contents of the leaked agreement, Choi Han-young, vice chairman of the Department of Modern Commercial Vehicles, pointed out at the signing ceremony that the commercial vehicle market entering China, occupying the world’s largest car market, is the largest car in the world for Hyundai Motor. Manufacturers are crucial. He believes that Hyundai’s business development in China plays a key role in helping Hyundai achieve the global goal of selling 200,000 commercial vehicles in 2013.
Hyundai Motor and Kia Motors are among the world's top five major automotive groups. Both companies are actively expanding their markets overseas.
Hyundai has established joint venture factories in China, India, Turkey, the United States and the Czech Republic. In addition to its recent establishment of a U.S. factory in the United States, Kia has also invested in the establishment of automobile factories in China and Slovakia. In addition, both automakers have recently announced a record quarterly earnings report.
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