South Korean carmaker Hyundai Motor has started construction work on a new commercial vehicle factory in Ziyang, China.
Sichuan Hyundai Motor is a 50-50 joint venture between Hyundai and China’s Sichuan Nanjun Automobile Group.
Hyundai expects the plant to be completed in the first half of 2014. At the beginning the factory will have a maximum capacity of 150,000 trucks per year. Later, Hyundai wants to double its annual output to 300,000 trucks to meet increasing demand for commercial vehicles in the world’s largest market.
“Hyundai’s advanced technologies and experience, combined with Nanjun Auto’s growth potential, will quickly drive Sichuan Hyundai to emerge as a competitive player in the market,” said Hyundai Motor vice chairman Hanyoung Choi.
According to the South Korean automaker, the Chinese commercial vehicle market will reach 4.71 million units in 2017, up from 4.03 million last year.