SKorea, China agree 400-million-dollar auto deal
SEOUL: South Korea's top automaker Hyundai Motor said on Sunday it and China's Baotou Bei Ben Heavy-Duty Truck had agreed to launch a 400-million-dollar joint venture in China next year.
The evenly-invested joint venture will take over the Chinese firm's large truck manufacturing sector under the deal signed in Seoul on Saturday, it said.
The combined unit will increase production from the current 40,000 units a year to 100,000 units a year by 2014, Hyundai Motor said in a statement.
Hyundai said the deal would help it better meet customers' demand in the world's largest and fastest-growing market for commercial vehicles.
"Entering China's commercial vehicle market is essential in establishing Hyundai's reputation as the most comprehensive car manufacturer in the world?s largest auto market," said Hyundai Motor Vice Chairman Choi Han-Young.