South Korean carmaker Hyundai Motor Co. said Sept. 3 that it signed a strategic partnership agreement with Sichuan Energy Industry Investment Group Co., Ltd. to expand into the Chinese market for commercial vehicles, Yonhap News Agency reported.
The Chinese energy company acquired a 50% stake in Sichuan Hyundai Motor Co. from Nanjun Automotive Co. Ltd., the previous partner in the 50/50 joint venture, the report added.
"Hyundai and the new JV partner plan to seek partnership in a variety of business areas ranging from commercial car development and production to sales and services, logistics and new energy-powered vehicles to make a presence in the local commercial car market," the report said, citing a company statement.
Sichuan Hyundai intends to develop five new commercial vehicles by 2022. It also plans to launch an electric version of one of its trucks, the report said.