Hyundai reveals record profits

Hyundai has unveiled a 75% surge in full-year profits.

Net profits rose to €1.03bn.

Meanwhile, sales rose by 23.4% to hit €19.8bn.

The number of vehicles sold rose by 4.7% to 1.58 million last year.

Hyundai says the rise was largely due to sales of more expensive models in South Korea and the US.

The company is currently looking for a site to build a €1.1bn US plant.

It would produce 300,000 cars annually, beginning in 2005.

On Tuesday, the carmaker signed an agreement with Beijing Automotive Industry Holding to set up a joint production plant in China.

The Chinese plant will make 100,000 passenger cars annually, beginning this October.

DaimlerChrysler owns a 10% stake in Hyundai.