According to sources, Hyundai Motor Co., Ltd. plans to raise US$ 1-150 million for the company’s commercial vehicle production base project in Sichuan Province of China. For this purpose, the company has asked the winning bank to submit a letter of intent on this case. Informed sources said that the loan will be denominated in renminbi and may be raised in mainland China. The source also said that Hyundai Motors is considering limiting the number of years to three to five years, and "best is" in the form of club loans. However, the company did not rule out other financing methods such as bilateral loans.
According to banking news, the company has contacted about 20 banks, including China, South Korea and global banks. Hyundai Motor sources said that the company will make a decision by the end of the year to ensure that funds are available in the first quarter of 2013. This is the company's first financing for the Sichuan project. Previously there were reports that Hyundai Motor's total investment of about 20 billion yuan was half of its funds raised through external financing. According to sources, additional financing will follow. The Hyundai Motor will also "gradually" invest funds into the project.
The production base will be built together with local commercial vehicle manufacturer Sichuan Nanjun Automobile Group Co., Ltd. The two parties established a joint venture company, Sichuan Hyundai Motor Co., Ltd. in August to run the project, each holding 50% of the shares. The above-mentioned production base construction will be carried out in three phases, spanning to 2020. According to local media August Times, the annual production capacity of the base will reach 700,000 commercial vehicles.
Sichuan Nanjun Automobile Group announced on November 2 that the company signed an agreement with Hyundai on Friday to merge with Sichuan Hyundai and transfer assets to Sichuan Hyundai. Hyundai and its subsidiary Kia Motors is the fifth-largest automaker in the world. According to Reuters, Hyundai’s sales in China surged by 37% to 80,598 units in October from the same period of last year. Sino-Japanese territorial disputes triggered anti-Japanese sentiment in China and helped it expand market share. Kia Motors is also planning to raise 300 million U.S. dollars for its factory in Yancheng, Gansu, China, and is negotiating with the bank.
Sichuan Nanjun Automobile Group is located in Ziyang, Sichuan. According to its website, the company’s total assets exceed RMB 3 billion, and its production in 2011 was 73,800 vehicles.
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