South Korean company Hyundai Motors said on March 26, 2014 that it is all set to build a new production plant in Chongqing, China. The company said that the new move will be made in order to venture into the biggest new vehicle market in the world.

The logo of Hyundai Motor Co. is seen on a wheel of a car at a Hyundai dealership in Seoul

Hyundai said that the chairman of the company, Chung Mong-koo is scheduled to meet with top officials from Chongqing on March 27, 2014 in order to sign a strategic cooperation deal. The motor manufacturing giant went on to say that the agreement will show the intention of the carmaker to give top priority to Chongqing, which is located in southwest China, when it selects the exact site for its fourth plant.

Chinese municipal authorities have promised to provide related support. Hyundai in a press release said, “Once the Chinese side completes its deliberation process, Hyundai will make the final decision on the plant’s construction”. The company went on to say that it was planning to build a production plant in the interior of China which promises plenty of growth potential.

Chongqing also did its part in attracting Hyundai by pointing out its significant population, as well as geographical location which links the western and eastern parts of the country. The carmaker stated that the new plant will have a capacity to build 300,000 vehicles on a yearly basis, which will give boost to three assembly lines on the outskirts of Beijing.

Photo Credits: Euronews


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