(Yicai Global) July 21 -- Beijing Hyundai Motor Co.'s fifth factory (its Chongqing factory) is officially completed and will be put into operation in August, with an annual output of 300,000 vehicles, the company said on July 19. 

The USD919.6 million (CNY6.22 billion) facility covers a plot area of 1.87 million square meters in Yufu Industrial Development Zone of Chongqing's Liangjiang New Area. The carmaker plans to produce the new Verna that debuted in June and a new sport utility vehicle at the plant. The Chongqing center will lift Beijing Hyundai's annual capacity 22 percent to 1.65 million from 1.35 million.

Chongqing's Liangjiang New Area is home to several whole-vehicle manufacturers including Beijing Hyundai, Changan Automobile (Group) Co. [SHE:000625], Changan Ford Automobile Co. and SAIC-GM-Wuling Automobile Co. The region boasts seven carmakers and the capacity to put out 3.7 million whole vehicles, 1 million gearboxes and 4.5 million engines per year. The value of its annual outputs is CNY470 billion. The area attracted many key parts and components enterprises, with a localization rate of more than 70 percent.

The city of Chongqing reported a whole-vehicle output of 3.16 million units last year, making up 11 percent of the national total. The output value of the automobile and electronics manufacturing industries increased by 11.7 percent and 17.7 percent, respectively. These two industries' contribution to the city's industrial growth rate was 55 percent.