Hyundai Motor Puts Huge Investment in Sichuan Commercial Vehicle Project
www.chinatrucks.com. A $ 100-150 million is likely to be invested in the commercial vehicle production line in Sichuan province by Korean Hyundai Motor. The company has required the selected bank to submit the letter of intent and the loan will be calculated by RMB.
The company has contacted with more than 20 Chinese, Korean and global banks. Decision will be made by the end of 2102 to ensure the smooth progress of fund operation in 2013.
As Sichuan South Chun Auto revealed, the company has signed agreement for merger and would transfer its property to Hyundai Motor Sichuan.
As reported by Reuters, sales of Hyundai Motor in China grew rapidly in Oct. 2012 by 37% over the same period last year to 80,598 units. Sichuan South Chun Auto and the joint venture will share half and half of the stock.
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