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Hyundai developing low-cost small car for China

Viknesh Vijayenthiran

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Vik is an Editor at High Gear Media and contributor for a number of sites within the High Gear Media network. He was a co-founder of... More

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Hyundai developing low-cost small car for China

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Hyundai is developing a new low-cost small car for the Chinese market with plans to introduce the new model by early 2010. The move is part of the company’s strategy to increase its sales worldwide, which will see the model launched initially in the world’s fastest growing car market. There’s no word on whether the car will be sold in other markets, but it’s expected to be introduced into other south-east Asian economies soon after.

Korea’s Yonhap News has reported that the new car will be priced around $4,800 and designed to meet rising demand from Chinese consumers. A company official admitted Hyundai was working on the project and it’s scheduled to complete construction of its second plant in China by next year and that the low-cost model will be assembled there. With its combined sales with subsidiary Kia, Hyundai hopes to reach its target of becoming the world’s fifth-largest carmaker by 2010.