19 July 2019

Hyundai Motor plans new China car plant, WSJ says

South Korea’s Hyundai Motor plans to build a manufacturing plant for passenger vehicles in Chongqing, its fourth in China, to compete with bigger rivals in the world’s largest automobile market, the Wall Street Journal reported Wednesday, citing a company statement. Group chairman Chung Mong-koo is set to sign a preliminary deal with top Chongqing officials on Thursday, according to the statement, although the plan will require final approval from the central government. If approved, the facility will be operated by Hyundai’s joint venture with Beijing Automotive Industry Holding Co. Ltd., the report said.

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