March 26, 2014 / 12:40 AM / 4 years ago

CORRECTED-Hyundai Motor chief to sign MOU to build new China plant

(Corrects to show that this would be Hyundai’s fourth plant in China, not in Chongqing)

SEOUL, March 26 (Reuters) - Hyundai Motor group chairman Chung Mong-koo plans to sign a preliminary deal on Thursday to build the automaker’s fourth auto manufacturing plant in China, the company said.

A source also told Reuters on Wednesday that Hyundai’s China joint venture may invest about 1 trillion Korean won ($926.48 million) in the planned factory in Chongqing, with production slated to start in early 2016.

The source, who has a direct knowledge of the matter, also said the plant would have an annual production capacity of 300,000 vehicles. ($1 = 1079.3500 Korean won) (Reporting by Choonsik Yoo; Editing by Paul Tait and Stephen Coates)

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