Beijing Hyundai reaffirms commitment in China

Sino-South Korean carmaker Beijing Hyundai has reaffirmed its commitment in China, aiming to selling 520,000 vehicles annually in 2025 in the world's largest vehicle market.

It announced the goal on Friday, when it held a music gala to celebrate its 20th anniversary in the country.

The event attracted over 100 million viewers online, including many of its car owners and dealers.

Established in 2002, Beijing Hyundai was the first automotive joint venture approved after China's entry into the WTO.

Once a serious rival to German and Japanese brands, Beijing Hyundai's accumulative sales in the country have exceeded over 10 million units.

Earlier this year, its parents BAIC Group and Hyundai decided to invest 600 million yuan in the partnership to boost its competitive edge in the era of smart and electric vehicles.

The joint venture said it will launch two electric models in 2023 and speed up efforts to introduce Hyundai's IONIQ and NEXO models.

China is the world's largest market for new energy vehicles. The China Passenger Car Association estimated that NEV sales could hit a record number of 500,000 units in June.

Hyundai, including its affiliate Kia, sold 390,000 new energy vehicles globally in the first five months this year, up 42.6 percent year-on-year.