Hyundai Motor agrees China tie-up

SEOUL, Apr 28 (AFP): South Korea's largest automaker Hyundai Motor Company Thursday signed an agreement with China's Sichuan Nanjun Automobile Group Co. (Nanjun Auto) to set up a joint venture. The agreement, signed in Chengdu in the southwestern Chinese province of Sichuan, will enable Huyundai to tap the world's biggest auto market, Hyundai said. Hyundai Motor and Nanjun Auto will make a total investment of 600 billion won ($560 million) in the 50-50 joint venture, which will be called Sichuan Hyundai and be established later this year in Ziyang City, Sichuan Province. The new plant will roll out up to 160,000 units including 150,000 trucks and 10,000 buses, starting from 2013. The joint venture will improve Nanjun Auto's existing models to cater to low-budget consumers, while nurturing new Hyundai models as a high-end brand, Hyundai said. "Hyundai expects Nanjun Auto's stable position in the Chinese commercial vehicle market, combined with Hyundai's advanced technology, will create a powerful synergy for success," it added.