South Korea’s top car maker, Hyundai Motor Co, plans to set up a third plant in China by the end of 2012. The company wants to maintain its position in the fastgrowing Chinese market.  The carmaker’s third plant is expected to have an annual production capacity of 3,00,000 vehicles and will help meet the increasing demand for vehicles in China. The company plans to start building the new plant next year and finish it by the end of 2012. The carmaker is also looking to buy a Chinese carmaker, perhaps in response to the Chinese government’s incentives to consolidate the country’s auto industry. Beijing Hyundai Motor Co Ltd, a 50:50 joint venture with Beijing Automotive Industry Holdings Corp, currently has two plants with a combined capacity of 6,00,000 units. |
