Hyundai Motor makes history with sales of a million in China
Hyundai Motor said yesterday annual sales from Beijing Hyundai, a joint venture with Beijing Automotive Group, have surpassed 1 million units, becoming the fastest auto brand to achieve that milestone in the Chinese market.
Hyundai, Korea’s largest automaker, also said it is the first time it has ever sold more than a million cars in a single market in a year.
Hyundai previously set a sales target for 2013 for 970,000 vehicles in China.
Hyundai, which started doing business in China in 2003, said its localized models have led the sales increase, while expansion of its second and third plants in China also helped to boost sales.
Hyundai said it would expand its dealership network in China to 1,000 by 2015 and focus on balancing sales growth and enhancing brand value over the next 10 years.
Posco E&C gets $175 million Uzbekistan highway contract
Posco Engineering & Construction said yesterday it won a $175 million order from Uzbekistan to build a highway. The affiliate of steelmaker Posco said it secured part of the CAREC A380 project under Uzbekistan’s financial ministry in a competition with 13 multinational builders.
Posco E&C said that it will be responsible for 85 kilometers (52.8 miles) of highway from Kishlak to the Gazil region in the next two years. The company in 2010 bagged a 91-kilometer highway contract that is also part of the CAREC A380 project.