South Korea’s Hyundai Motor to build two more plants in China
South Korea’s Hyundai Motor said Tuesday it would build two more plants in China, each with a production capacity of 300,000 vehicles, to expand its share of the world’s largest auto market.
Hyundai with affiliate Kia Motors is the world’s fifth-largest car producer. Its three current Chinese plants can produce a combined 1.05 million vehicles per year.
Hyundai also has a commercial vehicle plant in China with an annual capacity of 160,000.
The company said Kia would expand its annual output capacity at its third Chinese plant from 300,000 units to 450,000 by the first half of 2016.
Kia has three plants in Jiangsu province that can produce a total of 740,000 units a year.