Hyundai already operates two manufacturing plants in China, the world's largest auto market, but recently we have heard of news that the fourth largest automaker in the world has been studying to build another one.
According to an executive that works for Hyundai's China venture, Hyundai decided to go ahead with its third plant so it can meet China's rapid new car sales growth. Hyundai will start building new plant early next year and although, the company didn't reveal what models it will build in its new plant, it did provide a capacity of the plant. The plant will be capable of producing 300.000 new vehicles when operating at "full speed".
Hyundai has been one of the fastest rising carmakers in China this year. Models, such as Elantra, Sonata and Tucson have experienced a huge increase, while sales have been up 200% in August, compared to the same month last year. According to one of the leading China car magazines, Hyundai recently raised its local sales target for 2009 to 500.000 new vehicles from 300.000 units.
This is a huge rise in sales, but Hyundai is confident that new models that will be launched shortly will help the company to achieve the projected sales target. Already this year, Hyundai will launch an i30 hatch in China, while a few months later, the i30 will be joined by i10 minicar, which is currently built only in India. Both models are expected to be produced in China.