Hyundai Motor Co., South Korea's top automaker, is currently developing low-priced cars aimed at the South American and Southeast Asian markets, the company's vice chairman said Thursday.
"We are currently developing low-priced cars aimed at these two markets, as this is where affordable models are sold," Kim Dong-jin said at an industrial parts forum in Seoul.
The company will consider setting up production facilities in the regions, he said, adding that Hyundai also plans to set up a research and development facility in China and an auto-related IT research center in India.
"While we are currently building production plants around the world, we don't have any plants at present in Southeast Asia and South America," Kim said.
The vice chairman also highlighted the company's aim to become the world's fifth-largest auto producer by boosting global production capacity to 6 million units a year by 2010.
Seoul, Dec. 14 (Yonhap News)
Hyundai Motor developing cheaper cars for S. America, Southeast Asia |
