Hyundai: More Models, More Production, More Dealers in China
By Michelle Krebs February 26, 2008Hyundai is targeting sales in China of 380,000 vehicles this year, from around 231,000 vehicles in 2007 and doubling its China production by 2010, Beijing Hyundai Motor Co. President Noh Jaeman told Dow Jones Newswires in an interview Tuesday.
The 50-50 joint-venture company will open a second China plant in April to produce 100,000 units of the HDC, a new four-door sedan designed for the Chinese market.
Production will increase next year to 200,000 units and to 300,000 in 2010, doubling Hyundai's China production capacity to 600,000, Noh said.
Hyundai also plans to introduce a midsize sedan in the China market later this year and a third model in August 2009, Noh told the news service.
Hyundai currently sells the Accent, Tucson, Elantra, Sonata and EF Sonata sedan in China.
Noh told Dow Jones he hopes new models will help to reverse a trend of weak sales in China for Beijing Hyundai, which had a decline in sales last year as competitors put out new models and cut prices. Beijing Hyundai also missed its sales target in 2006, when it sold 290,000 vehicles, below its goal of 300,000.
Beijing Hyundai plans to increase the number of its dealerships from around 330 to 420 by the end of this year.
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