Hyundai Motor announced Sunday that it will launch a US$400 million truck manufacturing venture with Chinese local partner Baotou Bei Ben Heavy-Duty Truck, AP reported. South Korea’s largest auto manufacturer said it has signed an initial agreement to invest in a 50-50 joint venture with a sales target of 100,000 heavy-duty trucks in China by 2014. Hyundai will take over Baotou’s existing operation which manufactures 40,000 vehicles a year. According to Hyundai, the venture will first release a "refreshed" Baotou model and then launch a brand new model by 2012. The venture will initially focus on heavy trucks but eventually begin developing a "full lineup of commercial vehicles." Hyundai also plans to enter the US commercial vehicle market in the US within 2-3 years. The company reported record profits in the three months ending September 30.