Hyundai aims to increase auto sales in China
South Korean automaker Hyundai Motor Co aims to increase its sales in China to $7 billion this year. The company stated that the figure includes sales from Beijing Hyundai Automotive Corp, a 50-50 joint venture with Beijing Automotive and Kia Motors Corp. Beijing Hyundai will expand its production capacity from 150'000 units in 2004 to 300'000 units in 2005. The company is also aiming to have an annual production capacity of 600'000 units by 2008. Meanwhile, world's significant automakers are investing $13 billion in China to triple capacity to around 6 million units by 2010.