Hyundai's China JV plans EV, report says
Beijing Hyundai Motor Corp., a joint venture between Hyundai Motor Corp. and Beijing Automotive Industry Holding Co., will unveil an electric car later this year, according to local media.
The vehicle will go on sale in the first half of 2012, reported QQ.com, a major online news portal in China, citing information released by Beijing Hyundai's vice president Li Feng.
Chinese regulators require foreign automakers to establish joint ventures with local companies if they want to produce their own vehicles in China. Now, the government is pressing foreign automakers to create new domestic brands with their Chinese partners.
Beijing hopes this will create more opportunities for the ventures' Chinese partners, all state-owned companies, to acquire expertise in product development.
Honda Motor Co.'s Chinese joint venture, Quangqi Honda Automobile Co., launched its first model this year for the new Everus brand.
Likewise, Nissan Motor Co.'s joint venture with Dongfeng Motor Corp. has also unveiled its own new brand, Venucia.
