Hyundai Motor Co., South Korea’s top carmaker, is awaiting final approval from Chinese authorities to build its fourth plant in the world’s biggest auto market, a senior company official said Friday.

The new plant, with annual production capacity of 300,000 vehicles, will be located in the city of Chongqing, southwestern China, and Hyundai expects China to give the final nod after next week’s two annual meetings of China’s legislature, known as “Lianghui,” the official said.

“We have completed all preparations to build the new plant in Chongqing, and the Chinese authorities are expected to give a final approval after Lianghui,” the official said on the condition of anonymity.

Hyundai and the Chinese authorities are also arranging a date to announce the investment deal in Chongqing, with the company’s chairman, Chung Mong-koo, scheduled to attend a ceremony. (Yonhap)