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Market Chatter: Hyundai Motor Aims to Double China's Share of Global Vehicle Sales to 9% by 2030

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Hyundai Motor (KRX:005380) plans to double China's share of its global vehicle sales to 9% by 2030 from its current 4%, Bloomberg News cited company CEO José Muñoz at an interview at the Beijing auto show on Friday.

The automaker targets annual sales of about 500,000 vehicles in China by the end of 2030, and will launch 20 new models to help with the same, the report said.

In addition, to better compete with local rivals, the automaker will partner on self-driving technology with Chinese firms such as ByteDance and Momenta, while jointly working on new models under an 8 billion yuan joint venture with BAIC Group, it said.

Hyundai Motor will also collaborate with Contemporary Amperex Technology to boost vehicle performance, the report said.

Shares of the automaker fell nearly 4% at market close.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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