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| Hyundai confident of China's auto market |
| CCTV.COM 2003-07-08 08:07:45 |
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Hyundai is confident of China's auto market and satisfied with the current joint venture in Beijing, Chung Mong－koo, chairman and chief executive officer of Hyundai Motor Company of the Republic of Korea （ROK）, said in Beijing Monday.
Beijing Hyundai Company, established six months ago, developed rapidly in China. On June 17, the first 20,000 Sonata came off the production line and the company's sales surpassed 21,000 by the end of June, with sales revenue reaching 4.15 billion yuan （500 million US dollars）.
Beijing Hyundai will set up over 100 special sales shops by the end of 2003.
The company aims to sell 50,000 Sonata cars this year, with sales revenue reaching one billion US dollars.
Chung said he was confident of the continuous growth of China's auto market and planned to increase the production capability of the joint venture to 200,000 by 2005 and 550,000 by 2010. The factory in Beijing will become Hyundai's second largest overseas production base.
Chung gained the title of "honorary Beijing citizen" recently. He said, Beijing Hyundai would try to be an excellent example for joint ventures in China by providing quality service and products as well as sponsoring public activities.
He said the ROK and China not only shared talented people and advanced skills, but also had a similar culture. Hyundai will take this advantage to sharpen its competitive edge.
The establishment of Beijing Hyundai was important for Hyundai, which wanted to become one of the world's top five auto companies by 2010.
Beijing Hyundai was the first auto joint venture after China joined the WTO, with Beijing Auto Investment Company and Hyundai respectively investing 150 million US dollars.
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Editor: Xiao Wei Source:Xinhua
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