In 2008, the South Korean multinational Hyundai Motors alone exported 240,000 cars produced in India. Nissan Motors plans to export 250,000 vehicles produced at its Indian plant by 2011.[82] Similarly, US automobile company General Motors announced its plans to export approximately 50,000 cars produced in India by 2011. In September 2009, Ford Motors announced its plans to set up a plant in India with an annual capacity of 250,000 cars, for 500 million dollars. . The cars will be produced both for the Indian market and for export. The company said the plant was part of its plan to make India the hub of its global manufacturing business. Fiat Motors has announced that it will purchase automotive components worth more than $1 billion from India. In 2009, India (0.23 million) overtook China (0.16 million) to become Asia's fourth largest automobile exporter after Japan (1.77 million), Korea (1.12 million) and Thailand.