Hyundai, Kia aim to sell 23 pct more in China this year

(ATTN: ADDS more details in 5-6, 11-12 paras)
SEOUL, April 29 (Yonhap) -- Hyundai Motor Co., South Korea's leading carmaker,
and its affiliate Kia Motors Corp. aim to sell a combined 1 million units in
China for the year, up 23 percent from last year, the chief of Hyundai Motor
Automotive Group said Thursday.
Hyundai Motor and Kia Motors sold 570,309 and 241,386 units in China last year,
respectively.
"We have to meet the 1 million target in China for the year, thus solidifying our
presence in the country," head Chung Mong-koo was quoted as saying in China in a
statement released by the group.
"China, emerging as the world's largest market, is becoming the battlefield to
set the future of Hyundai and Kia Motors," he said.
In the first three months of the year, Hyundai sold 162,000 cars in China, up
48.1 percent from a year earlier. Kia also saw its sales in China more than
double to 85,000 units over the cited period.
According to the automotive group, Hyundai Motor is targeting sales of 670,000
units in China this year, with Kia aiming to sell 330,000 cars.
Chung is staying in China to attend the opening ceremony of the 2010 World Expo
in Shanghai, slated for Friday.
Chung also visited Kia Motors' second plant in Yancheng in the eastern province
of Jiangsu and encouraged employees there.
The plant that currently produces 150,000 units annually will have an annual
production capacity of 300,000 by the end of the year, when its expansion of
facilities is completed.
Kia Motors will have an annual production capacity of 430,000 units in China when
the expansion is completed, it said.
Hyundai Motor is also seeking to build its third plant in China, which will have
an annual production capacity of 300,000 units to meet growing demand.
Hyundai Motor currently manufactures 600,000 cars annually at its two Chinese
plants.
Shares of Hyundai Motor closed at 135,500 won on the Seoul bourse, up 3.05
percent. Kia Motors gained 1.89 percent to end at 26,950 won.
sam@yna.co.kr
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