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Hyundai Motor Chairman Meets with Chinese Vice Premier Wang Yang
Korea-China Automobile Cooperation
Hyundai Motor Chairman Meets with Chinese Vice Premier Wang Yang
  • By matthew
  • January 26, 2015, 03:01
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Chung Mong-koo (left), chairman of Hyundai Motor, speaks with Wang Yang (right), vice premier of China, at a Jan. 24 meeting.
Chung Mong-koo (left), chairman of Hyundai Motor, speaks with Wang Yang (right), vice premier of China, at a Jan. 24 meeting.

 

On Jan. 24, Hyundai Motor Chairman Chung Mong-koo exchanged his ideas about a cooperation plan in the auto industry between Korea and China with Chinese Vice Premier Wang Yang.

Vice Premier Wang Yang of the State Council is a key figure in the Chinese government, and is responsible for the economic sector including trade, tourism, agriculture, and foreign policy.

Chung stressed, “As the Hyundai Motor Group is well positioned in the Chinese market along with its parts subcontractors, it is creating common profits, including not only human interchanges but also the expansion of the trade scale between the two countries.”

He also requested cooperation from the Chinese government, saying “Hyundai Motor is propelling the construction of new plants in Changzhou City, Hebei Province and Chongqing City, and it will contribute to the government’s policy of the integrated development of the capital region and China’s Western Development. So, please cooperate with us on the smooth construction of the new plants.”

Vice Premier Wang Yang said, “We appreciate Hyundai Motor Group’s contribution to its localization and industrialization in China. We think highly of its recent decision to construct the plants in Hebei Province and Chongqing City.”

He added, “The Chinese government will give full support to help maintain a cooperative relationship with Hyundai Motor Group and China’s auto industry in the future.”

Last year, Hyundai Motor Group sold a total of 1.84 million units in the Chinese market, exports of complete vehicles including commercial vehicles. The figure was up 10 percent from the previous year. This year, the company is aiming to sell 1.99 million units, an 8 percent increase from last year.

The company is also making efforts to expand its production capabilities. With a total of 7 plants in Beijing, Yancheng, and Sichuan, it has an annual production capacity of 1.95 million units. Once Hyundai Motor completes the construction of an additional 3 plants in Hebei Province, Chongqing City, and Dongfeng Yueda Kia Motors, it will have a manufacturing system capable of 2.7 million units annually.

With Hyundai Motor Group strengthening its sale in the capital and the Midwest regions in China through the new plants, it is planning to secure a stable market share of over 10 percent every year and consolidate its presence as one of the top 3 automakers in China.