Last week, Korean Hyundai Motor announced that the company would set up the joint venture with Jianghuai Automobile (JAC) formally, in order to stabilize and strengthen the Hyundai brand position on Chinese commercial bus market. It is reported both automakers will hold 50% of the stock rights of new joint venture respectively and promise to invest 780 million dollars to the new company before 2010. When the time comes, Hyundai Jianghuai Company will have the annual capacity of 50,000 small-scale commercial bus engines, 10,000 passenger buses and 90,000 trucks. The officer of Korean Hyundai says, Hyundai Motor plans to reach the goal of producing 1 million vehicles per year in China before 2008.