Hyundai Motor joined the group of major car manufacturers...
Hyundai Motor joined the group of major car manufacturers including Toyota Motor of Japan, Ford of the US, Volkswagen of Germany, Peugeot Citroen of France and General Motors of the US.
Hyundai is the latest in a growing list of foreign carmakers attracted to a market that is expected to grow by 40 per cent this year to total sales of 1m passenger cars.
Other manufacturers have already started production of their cars or expect to begin production by the end of this year.
Hyundai, South Korea?s largest carmaker, plans to invest $1.1bn in the plant over the next eight years, building production to 500,000 cars a year by 2010. The more realistic plans are defined for the short-long period, that is production of Sonata and Elantra passenger cars at its new plant near Beijing will be started by the end of this year, with 30,000 cars expected next year, rising to 200,000 by 2005. An initial investment of $100m would rise to $430m by 2005.