Hyundai Motor seeks new vehicle venture in China

Hyundai Motor Co., Korea’s largest automaker, plans to form a 500 billion won ($443 million) venture with Ziyang Nanjun Automobile Co. in China next year to expand its market share in the world’s biggest auto market. 

The companies signed an agreement Thursday to form the partnership to build commercial vehicles, in which each will have a 50 percent share, Hyundai said in an e-mailed statement. The venture will take over Ziyang’s commercial-vehicle operation, which has annual output capacity of 120,000 vehicles. It will target 90,000 heavy truck and bus sales in China next year, rising to 300,000 in 2015, the statement said.