Hyundai Motor on Thursday posted a 28% rise in quarterly net profit but the result missed forecasts by a wide margin as rising raw material prices offset higher sales fueled by a weaker won.

Hyundai Motors, opened a $1 billion plant in China on Tuesday with partner Beijing Automotive, part of an aggressive expansion that could turn the mainland into its largest overseas market by 2010.

Hyundai Motor shareholders approved the re-election of Chung Mong-koo to the South Korean automaker's board at an annual meeting on Friday, despite opposition from the country's state pension fund.

Hyundai Motor, South Korea's top auto maker, said on Wednesday it was aiming to sell 3.11 million vehicles in 2008, up 19.6 percent from 2.6 million last year.