Hyundai Motors joint venture with Sichuan Nanjun

The South Korean giant auto mobile manufactures, Hyundai Motors has joined hands with the Chinese commercial vehicle maker, Sichuan Nanjun Automotive Group. The aim behind the joint venture between the car manufacturers is to utilize the extensive growth in the promising auto market in China. For the expansion, the car giants have signed a deal of 500 billion won ($443.1 million).

The 50-50 partners, will establish a joint venture in the Ziyun city which is in the southwestern province of Sichuan. The company plans to sell 90,000 commercial wheelers by 2011 and by 2015, they want to achieve the sale of 300,000 cars, as per the statement given by Hyundai.

The spokesperson for Hyundai also added, that, Chinese commercial wheeler market has recorded a sale of 4.5 million cars this year which is predicted to shoot up to 5.5 million cars by 2015.

Hyundai that stands as the 5th largest car manufacturer in the world is enjoying the fruits of the booming Chinese market, in association with Kia Motors.

This year has marked an increase in the car market worldwide. In September, the car sales shoot up to a 70,000 cars in China for the first time. By the end of 2010, the car sales are anticipated to cross 670,000.

It is predicted that the sales will increase, when Hyundai the giant car marker's third Chinese plant will be set up by 2012. With the new facility, the production will be increased to one million units. Hyundai Motors signed a deal with the Chinese Government officials in September to build the third plant in China with the capacity of producing 400,000 cars every year. The Beijing Hyundai Motor, which is a joint venture between Hyundai Motor and Beijing Automotive Industry Holding Corp (BAIC), already has two plants functioning in China.

Back home, Hyundai cars are trusted and liked by Indian buyers. Hyundai i10, is one among the largest selling cars. With the number of new ventures and improvisations in the Hyundai cars, it is sure to cement its position the world market. Hyundai the second biggest auto mobile producers and has wooed the buyers time and again.

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