Hyundai and Kia speed up consolidation in China

South Koreas Hyundai-Kia Automotive Group has recently reshuffled its organizational structure and established the company’s China Headquarters to uniformly deploy the business of its Chinese associates, indicating that Hyundai and Kia will no longer be managed independently but as a whole, according to information from the group’s investment company in China. Hyundai-Kia Automobile noted that in order to adapt to the rapidly developing Chinese market and the increasingly fierce competition, Hyundai and Kia have no choice but to consolidate and develop in a coordinated manner. Moreover, this move is part of the group’s strategic measure to achieve the 1 million-unit sales target by 2010. (May 19, 2008)