Hyundai has opened a new factory in China with its business partner Beijing Automotive. The new facility will double production capacity in China to 600,000 vehicles in the coming years.
Like other carmakers, Hyundai wants to have its share of the Chinese pie and invests a lot to increase its sales. After the announcement of launching a new luxury brand there, the company has invested £500 million in a new plant as a part of an ambitious plan to capture a share of 10 per cent or sell 1 million vehicles. The new production site will build 100,000 Elantra this year.
Last year, Hyundai sold 231,175 vehicles and plans to sell 380,000 units this year. It will still be far form the leader GM which sold 508,308 vehicles last year but close to Toyota and its Toyota 281,952 units. In China, Hyundai tries to cover all market segments form the cheap models to the luxury segment on which the Genesis will be launched in June.
