Hyundai Motor Group held a ceremony on Tuesday marking the completion of its new plant in the city of Cangzhou in China’s Hebei Province.
Some 800 guests attended the ceremony, including Hyundai Motor Group Chairman Chung Mong-koo, South Korea’s Ambassador to China Kim Jang-soo and Communist Party Secretary of Hebei Guo Jinlong.
A total of two trillion won, or nearly one-point-eight billion U.S. dollars, was injected into building the production facility, which was completed in four years.
Currently, Hyundai has three plants in Beijing and a commercial vehicle joint venture in Sichuan.
The Cangzhou facility is built on a one-point-92 million square meter site with a floor space of 270-thousand square meters, that will accommodate press, body, paint and assembly lines, in addition to an engine plant.
The plant will begin to produce 200-thousand units next year before expanding its capacity to 300-thousand units in 2018.
Chairman Chung said at Tuesday’s ceremony that with the Cangzhou plant, Hyundai will now have the capacity to produce two-point-four million units annually in China through a total of eight manufacturing facilities.