ID :
185659
Tue, 05/31/2011 - 17:14
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https://oananews.org//node/185659
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Hyundai Motor confirms plan to develop localized brand for China
By Kim Young-gyo
HONG KONG (Yonhap) - Hyundai Motor Co. confirmed Tuesday it will develop a new brand exclusively for China in an aim to provide a more tailored product for Chinese consumers.
Earlier in March, its Chinese partner company Beijing Automotive Co. said Beijing Hyundai Motor Co., the two companies' 50-50 joint venture in China, will develop its own car brand, apart from what has been produced by South Korea's No. 1 automaker.
"As the Chinese economy continuously grows, demand for more expensive cars is expected to expand in the country," a spokesperson for Hyundai Motor said.
"Therefore, we decided to create a new medium sedan brand targeting the Chinese market."
Beijing Hyundai Motor was established in 2002 to manufacture Hyundai brand automobiles for the Chinese market.
The joint venture started building its third factory in China last November. It is scheduled to be completed in 2012.
Some market watchers earlier predicted the localized brand will be produced there. Hyundai Motor said that it has not decided whether the localized brand will be produced at the new factory.
Hyundai sold 700,000 cars in China in 2010. Hyundai Motor Group, which includes Hyundai Motor and its affiliate Kia Motors Corp., sold a combined 1.1 million vehicles in China for a 9 percent market share last year.
HONG KONG (Yonhap) - Hyundai Motor Co. confirmed Tuesday it will develop a new brand exclusively for China in an aim to provide a more tailored product for Chinese consumers.
Earlier in March, its Chinese partner company Beijing Automotive Co. said Beijing Hyundai Motor Co., the two companies' 50-50 joint venture in China, will develop its own car brand, apart from what has been produced by South Korea's No. 1 automaker.
"As the Chinese economy continuously grows, demand for more expensive cars is expected to expand in the country," a spokesperson for Hyundai Motor said.
"Therefore, we decided to create a new medium sedan brand targeting the Chinese market."
Beijing Hyundai Motor was established in 2002 to manufacture Hyundai brand automobiles for the Chinese market.
The joint venture started building its third factory in China last November. It is scheduled to be completed in 2012.
Some market watchers earlier predicted the localized brand will be produced there. Hyundai Motor said that it has not decided whether the localized brand will be produced at the new factory.
Hyundai sold 700,000 cars in China in 2010. Hyundai Motor Group, which includes Hyundai Motor and its affiliate Kia Motors Corp., sold a combined 1.1 million vehicles in China for a 9 percent market share last year.
