Korean, Chinese Auto Makers to Set Up Joint Venture

To meet rising demand for commercial vehicles, Hyundai Motor Co., a South Korean car maker, has revealed that it will set up a joint venture next year with  Chinese commercial vehicle manufacturer Baotou Bei Ben Heavy-Duty Truck Co., reports the Wall Street Journal.


The newspaper says that two auto makers will invest a total of $400 million to set up a 50-50 joint venture.


"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, told the Journal.

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