Hyundai Motor Co. said Sunday that it will set up a joint venture next year with a Chinese auto maker to better meet rising demand for commercial vehicles.
Hyundai Motor and Chinese commercial vehicle manufacturer Baotou Bei Ben Heavy-Duty Truck Co. will invest a total of $400 million to set up a 50-50 joint venture and the Korean car maker said it aims to sell 100,000 units of heavy-duty trucks in China in 2014.
"Our business in China will play a pivotal role in helping us achieve our global sales target of 200,000 units in commercial vehicles by 2013," Choi Han-young, Hyundai's vice chairman, said.
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