Beijing Hyundai to launch 12 models by 2015

Shanghai October 25 (Gasgoo.com) Beijing Hyundai Motor, a joint venture between Hyundai Motor and Beijing Automotive Industry Holding Corp (BAIC), plans to lift its annual capacity to 1.5 million vehicles by 2015 from the current 1.2 million units, the Beijing Times reported Monday, citing a"12 5" five-year development plan the company posted on its website on Tuesday.

Beijing Hyundai will launch 12 models in the domestic market during the 2011-2015 period, bringing the total to roughly 20 from the current eight and making it one of the biggest passenger vehicle manufacturers in China by volume, the company's Executive Vice President Li Feng said.

That means the joint venture will have to build its fourth plant in China during 2011-2015.

Beijing Hyundai has two plants in Beijing's Shunyi District at present, with a combined capacity of 600,000 units. The joint venture has started last month to build its third plant, which is schemed to produce 400,000 vehicles per year and is expected to become operational by 2012.

But the fact is that capacity shortage at the company's existing plants is already holding back its sales, and it thus has to achieve sales target of 670,000 units for 2010 based on its limited capacity of 600,000 units. The situation will remain the same as it is now in 2011.