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Hyundai Motor launches fifth factory in China

Xinhua, June 23, 2015 Adjust font size:

Work began on the fifth Hyundai plant in China in the southwestern city of Chongqing on Tuesday.

The factory, based in the China-ROK Industrial Park in Liangjiang New Area of Chongqing, is the Republic of Korea's (ROK) largest carmaker Hyundai Motor Group's first plant in west China and is expected to be operational in early 2017.

With a total investment of 7.75 billion yuan (1.3 billion U.S. dollars), the plant has a production capacity of 300,000 vehicles and 300,000 engines per year, with an estimated annual sales revenue of 36 billion yuan.

The Chongqing plant will play a key role in expanding the market in middle and western China, said Xu Heyi, chairman of Beijing Automotive Group, Hyundai's Chinese partner.

Eleven auto makers, including foreign brands like Ford, General Motors and domestic brands like Lifan Motors, have plants in Chongqing. Together with 1,000 automotive accessory firms, Chongqing is expected to become China's major automobile manufacturing base with an annual production capacity of 3 million vehicles.

Hyundai's other plants are in Beijing and Cangzhou in north China's Hebei Province. The five plants combined will have an annual production capacity of 1.65 million vehicles. Endi