Hyundai Kia raises China sales target by 25 % next year

South Korean-based Hyundai Kia Automotive Group, the world's fifth-largest auto maker in terms of worldwide vehicle sales, hopes to increase its China car sales by 25 percent and achieve sales of over 1 million units in 2010.

The goal is based on the fact that sales of energy-saving vehicles are booming in China, said a senior Hyundai executive.

The official said Hyundai Motor and Kia Motor, of which 39 percent of its stocks are held by Hyundai Motor, hope to reach sales of 800,000 units in China this year and 1 million units sold next year. Hyundai sold 436,514 cars in China last year.

To fulfill the target, Beijing Hyundai Motor, which is a joint venture between Beijing Automotive Industry Holdings Co and Hyundai Motor, is planning to build a third car manufacturing plant in Beijing. Hyundai Motor will invest $800 million into the new plant. When it begins operations, Hyundai Motor will produce 900,000 units per year.

In the first three quarters of this year, Hyundai Kia had 9.9 percent market share in China, higher than the 8.1 percent it had a year ago.

Agencies and Wang Yang contributed to this story