The Beijing Motor Co. Ltd. signed a contract with the Hyundai Motor Co. of the Republic of Korea Monday for a wide-range cooperation.
A source with the Beijing company said the contract, effective for 30 years, has outlined specific principles, scope and goals for the partnership.
He said the introduction of Hyundai's capital, advanced technology and management skills will upgrade Beijing Motor's products and services.
It is estimated that by 2005, Beijing Motor will produce 200,000 cars and 200,000 engines annually.
Founded in 1967, Hyundai has assets worth US$26.6 billion and stands at the seventh largest auto producer in the world.
(Peole's Daily April 30, 2002)
