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Wednesday September 19, 11:46 AMHyundai to introduce premium car in China in 2008SEOUL, Sept 19 (Reuters) - Hyundai Motor Co. , South Korea's top auto maker, said on Wednesday it planned to introduce a premium model in China in April 2008 in a bid to attract rich customers in the world's No.2 auto market.The company has not decided on the price yet of the "BH" model although the Chinese media has reported it would cost around 400,000 yuan ($53,180), said Hyundai spokesman Jake Jang. "We aim to sell 3,000 units of the BH in China in 2008," said Jang. The premium model from Hyundai, the world's No.6 car maker by sales volume with affiliate Kia Motors Corp. , is unlikely to immediately boost sluggish sales in China, but it is expected to improve Hyundai's image there, a Hyundai official said. Hyundai is targeting the global luxury market overseas to upgrade its brand and convince the public that the company is not just a maker of budget cars. Hyundai will also start selling the "BH" in the United States around the same time it is released in China, Jang said. Hyundai aims to sell about 20,000 units of the BH in the United States annually. The company is set to roll out the top-end model in South Korea by the end of this year. Hyundai needs to add premium models, which carry higher margins, to its line-up to boost profits amid unfavourable business conditions such as a stronger won currency and weaker domestic demand, analysts say. Shares in Hyundai rose 4 percent to 70,600 won by 0340 GMT in Seoul's main stock market, outperforming a 3 percent gain in the benchmark KOSPI . ($1=7.521 Yuan) |
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