Beijing Hyundai held a ceremony commemorating production of its 3 millionth vehicle, a media source reported today.

At the event, joint venture Executive vice General Manager Li Feng announced that Beijing Hyundai's plans for a new own brand and new energy vehicles would be revealed at the end of the year.

A few years ago, Xu Heyi, chairman of Beijing Hyundai's parent BAIC, announced that the joint venture would eventually introduce a new own brand line. However, Beijing Hyundai's response on the subject has been unclear.

According to rumors, the own brand would be a new pure electric. While there has been no official information, it is speculated that the new vehicle would be produced at Beijing Hyundai's third factory, and made in conjunction with the Tianjin Qingyuan Electric Vehicle Company.

Hybrids are reportedly another possible avenue of research for Beijing Hyundai.