Beijing Hyundai president called back to Korea, replaced by VP

2011-12-27 from:From

Beijing Hyundai saw a change up in its ranks this weekend, with Noh Jae-man's tenure as joint venture president concluding and him returning to South Korea. Vice President Baek Hyo-heum has taken his place, reported.

Mr. Noh (pictured above), has headed Beijing Hyundai for a decade, during which the joint venture's manufactured over three million vehicles, a feat only achieved by a select few other JVs. Beijing Hyundai is one of China's fastest developing joint ventures.

The joint venture recently announced its market strategy for the next three years. Beijing Hyundai hopes to achieve an annual production capacity of 1.4 million by 2015 (compared with 700,000 in 2010.) The JV also hopes to see its market share of mid- to upper-class vehicles increase to over 50 percent. According to sources within the company, Mr. Baek (pictured below) will continue to adhere to this plan.