Hyundai, BAIC plan to build 3rd plant in China

South Korea's Hyundai Motor Co and its Chinese partner, Beijing Automotive Industry Holding Corp, plan to set up their third manufacturing plant in China, Reuters reported Thursday.

The new plant will have an annual production capacity of 300,000 units, Wang Dazhong, president of BAIC, said on the sidelines of the Beijing Auto Show.

The Chinese auto maker plans to use technology it acquired from General Motors Corp's Saab unit late last year, said Wang.

In 2009, media reported that the two companies' third plant will help meet increasing demand for vehicles in the world's largest auto market.

Beijing Hyundai Motor Co Ltd, a 50:50 joint venture set up by the two auto makers, currently has two plants with a combined annual production capacity of 600,000 units.