Bloomberg reported that Hyundai Motor Co, South Korea largest carmaker raised its 2010 vehicle sales forecast for China, saying new models may help boost deliveries in the country to more than 700,000 units.

Mr Noh Jaeman president of the company Chinese venture said Hyundai which in November forecast full year sales of about 690,000 vehicles in the world largest auto market will introduce its latest Sonata midsize sedan in the country early next year to tap growing demand.

According to the statement the Seoul based carmaker sales in China increased this year from last year 570,000 vehicles after new models including Verna compact cars and ix35 sport-utility vehicles lured buyers. The company is constructing a third plant in China to boost annual capacity by 400,000 vehicles to 1 million.

Hyundai said in October it plans to form a JPY 500 billion venture with Ziyang Nanjun Automobile Co next year to enter China commercial vehicle market. The venture will take over Ziyang commercial vehicle operation, which has annual output capacity of 120,000 units. It will target sales of 90,000 heavy trucks and buses in China next year rising to 300,000 in 2015.

(Sourced from Bloomberg)