In April of this year, Hyundai Motor Co. of South Korea and China’s Nanjun Automobile Group signed an agreement on the joint venture to form Hyundai Motor’s Sichuan Commercial Vehicle Base. The two parties will invest 557 million U.S. dollars in joint venture production of commercial vehicles, and they are expected to be in the Chinese market by 2015.
Recently, Hyundai Motor Co. of South Korea signed a cooperation agreement with Karsan, a Turkish car manufacturer, and both companies will jointly launch commercial vehicles in Turkey.
The above joint venture joint venture represents the determination of Hyundai Motor Group to enter the commercial vehicle market.
In the past year, China’s auto sales exceeded 18 million vehicles, while the annual sales of heavy trucks exceeded the million mark. In the history of the world’s automotive industry, no country’s heavy truck sales have reached one million, let alone say. Break through the million mark. At present, China’s annual sales of heavy trucks account for more than half of the world’s total sales of heavy trucks, and the growth rate is also the highest in the world. The huge market not only made traditional truck manufacturers very productive, but also made some passenger car manufacturers and trucks coveted.
Beijing Hyundai is the first joint venture project approved by China after joining the World Trade Organization. This project has received strong support and attention from both China and South Korea and was identified by Beijing as a leading project to revive Beijing's modern manufacturing industry. The Beijing modern project took only six months from negotiation to signing, and it took only five months from signing to establishment. All these have created the miracle of Beijing's industry and are known as "modern speed, automotive spirit". On October 18, 2002, Beijing Hyundai Motor Co., Ltd. officially opened its doors. The former Hyundai Group has been focusing on passenger vehicles. Now entering the commercial vehicle industry, it not only reflects its good foundation of the automotive industry, but also illustrates the importance of China as the largest market for car sales.
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