Hyundai-Kia '10 China sales may rise 25% to 1 mln

Shanghai, November 26 (Gasgoo.com) South Korean auto giant Hyundai-Kia Automotive Group expects its sales in China to grow 25% to hit the 1 million mark next year, Reuters reported today, citing a top executive.

Beijing Hyundai Motor Co., Hyundai's Chinese venture with Beijing Auto, aims to sell 670,000 cars next year, up 17.5% from a projected 570,000 in 2009, said Noh Jae-man, president of Beijing Hyundai. In the first 10 months, the company sold 460,590 vehicles in China, up 56% year on year.

Kia Motors Corp, Hyundai Motor's sister company, is aiming to sell 330,000 cars in China next year, 43% more than an estimated 230,000 in 2009, Noh told reporters. Kia also operates two plants in China under joint venture Dongfeng Yueda Kia Motor.

To reach its growth targets, Beijing Hyundai is planning its third plant, which will increase the venture's production capacity by 50% to 900,000 vehicles. The new project in Beijing will be completed by the end of 2011.

Hyundai-Kia, the world's fifth-biggest automaker, had a market share of 9.9% in China in the first nine months, higher than the 8.1% a year ago. The Korean auto group sold 436,514 cars in the Chinese market last year.