Hyundai Motor held a ground-breaking ceremony for a manufacturing factory specialized in rolling out commercial vehicles, in Ziyang, China, on Tuesday.

“The factory, named Sichuan Hyundai, will have the production capacity of 150,000 units per annum,” a Hyundai Motor Group spokesman said.

He said the auto giant predicts that China will be the world’s largest commercial vehicle market in five years with yearly sales of 4.7 million units. “We have the target of grabbing 3.6 percent of the market by 2017.”

A year ago, Hyundai Motor finalized the deal with China’s Sichuan Nanjun Automobile Co. to establish the commercial vehicle plant in China.

Sichuan Nanjun Automobile Co. is China’s 11th-largest producer of commercial vehicles. The company operates two plants with a combined annual production capacity of 120,000 units.

(kys@heraldcorp.com)