With the excellent performance of the joint venture company Beijing Hyundai and Dongfeng Yueda Kia , the world’s fourth-largest auto group has been able to “get off the ground†in the Chinese market this year. In order to further expand its advantage in the Chinese market, Hyundai Motor is preparing to extend another "foot" into the country and will jointly invest 400 million U.S. dollars with Beiqi Heavy to establish a joint venture company and formally enter the Chinese commercial vehicle market. As a result, Hyundai Motors will be able to flex its muscles with the two “wings†of passenger cars and commercial vehicles.
Construction of a third factory to expand passenger cars
Under the impact of the financial crisis, the world's major auto giants have been losing money. In the first three quarters of the year when major international auto giants announced their operating results, Hyundai Motors took a near-two-digit net profit.
There is no doubt that the contribution of the Chinese market has contributed. According to statistics from the CLUCC, Beijing Hyundai ranked first in the car market with 55,576 units in November, an increase of 142% year-on-year. In the first 11 months of this year, Beijing Hyundai’s cumulative sales have reached 510,000, an annual growth rate of 94%, making it one of the fastest growing domestic passenger car companies. "The profitability of the company in the first half of this year has exceeded that of last year," said Lu Qianwan, general manager of Beijing Hyundai, in an interview.
Hyundai Motor's other joint venture company, Dongfeng Yueda Kia, has accumulated historically high sales for the first time in November, nearly 210,000 vehicles. Currently
Dongfeng Yueda Kia has sold more than 20,000 units in a single month for six consecutive months, and is making the final sprint for 230,000 vehicles at the end of the year.
However, the seductive business opportunities in the Chinese market have allowed Hyundai Motors not to stop. They want to expand their market share further by expanding production. Last month, Hyundai decided to open a third factory with an annual output of 300,000 in Beijing and it is expected to be completed by the end of 2011. At this point, China will become the largest overseas production base of Hyundai Motor Co. in 2012. The production scale in Beijing will be 900,000. The production scale in Jiangsu Yancheng near Shanghai will be 440,000, and the total production capacity will be more than 1.3 million. It is reported that Hyundai Motor hopes to achieve sales of 1 million vehicles in China next year.
Intended to push new cars for commercial vehicles 2012
While the passenger car market has achieved a bumper harvest, commercial vehicles have become another important piece of the modern automobile market. Last week, Hyundai Motor and Beiben Heavy-duty reached an agreement to establish a joint venture with a 50:50 equity ratio.
Secretary. Hyundai Motor Co., Ltd. said in a statement that the joint venture will take over Beitou Heavy Duty Truck, Baotou, which currently produces 40,000 vehicles a year. It expects that the company's annual sales will reach 100,000 units by 2014.
According to the data, in the Chinese automobile market, the sales of medium-sized and heavy-duty trucks accounted for 29% of the global market share in 2008, and in the future, the growth of this market segment will also accelerate. The Chairman of the Hyundai Motor Commercial Vehicles Division said that the joint venture company established in China will be very helpful to Hyundai Motor. Hyundai Motor plans to sell 200,000 commercial vehicles worldwide in 2013.
It is reported that this cooperation has been Hyundai's third attempt to enter China's commercial vehicle sector. The first was the cooperation with Jianghuai Automobile in 2004, and the second was the investment of 1.2 billion US dollars in cooperation with GAC. The joint venture will first introduce an improved Beitou Beitou model. In 2012, the company will introduce the technology and equipment of Hyundai Motor to launch a new model to increase its competitiveness in the Chinese commercial vehicle market.
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