Beijing, Hyundai to Co-produce Car in Two Months

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Last updated at: (Beijing Time) Monday, September 16, 2002

Beijing, Hyundai to Co-produce Car in Two Months

The Beijing edition of Sonata cars by Hyundai Motor Co. will roll off the production line in two months later, a seminar was told Sunday.

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The Beijing edition of Sonata cars by Hyundai Motor Co. will roll off the production line in two months later, a seminar was told Sunday.

The Beijing Automotive Industry Holdings Co. and Hyundai struck a deal on setting up a joint venture in Beijing to produce the carin February of this year.

The car will be the sixth generation of Sonata by Hyundai, two million of which have been sold on the international market.

Xu Heyi, vice-chairman of the Beijing company, said the joint venture is expected to produce 50,000 units of the cars in 2003.

The two partners will share the cost of the new joint venture equally, with Hyundai Motor Co., Ltd. having promised to contribute 250 million US dollars.

By the year of 2005, the joint venture will have an annual output of 200,000 automobiles, including 100,000 cars.

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