Hyundai to set up third plant in Beijing

South Korea’s Hyundai Motor plans to start construction of a third factory in Beijing, China, as early as next year to keep up with demand. Hyundai President and Chief Executive Officer Noh Young-Don said the company hopes to get its third Beijing factory running by the middle of 2012, which would boost capacity by another 300,000 cars a year. Hyundai plans to produce nearly 700,000 cars this year at its two existing Beijing factories. (August 27, 2010)