Hyundai Motor in $1.24 bln Chinese joint venture

Newswire

SEOUL, June 21 (Reuters) - South Korea's Hyundai Motor Co. said on Tuesday it has agreed with a Chinese company to set up a $1.24 billion joint venture in China to produce commercial vehicles starting 2007. "The 50/50 joint venture with Guangzhou Motor Group is aimed at meeting explosive demand growth in China," Hyundai said in a statement.

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