HONG KONG (Yonhap News) ― The Chinese subsidiary of South Korean conglomerate SK Group said Thursday it has entered the car rental business in a bid to tap into the world’s most populous country.
SK China Co. said it started renting automobiles this month in nine cities, including Beijing, Hangzhou and Shenyang.
It currently has 1,200 vehicles, including sedans and sport utility vehicles manufactured by Hyundai Motor Co., Kia Motors Corp. and General Motors Co., as well as buses.
The company aims to increase the number of cars to 2,000 units by the end of the year and to 20,000 units by 2015.
SK China will expand its business later to Shanghai and Chengdu, and will launch a separate affiliate in China in October to oversee the car rental business, company officials said.
SK China set sail in July 2010 to control SK Group affiliates in the world’s No. 2 economy, engaging in such business sectors as new energy, petrochemicals, next generation information and communications technology, and urban development and environment.
The company said last month that it aims to post 86 billion yuan ($13.3 billion) in annual sales by 2015 by continuously seeking new business opportunities.